AML 2
Speaker: Jo Morris
Length: 1 Hour
Published July 29, 2023 Last Updated on July 29, 2023
Who is this training for?
This online workshop is for MLRO/MLCO, compliance teams and anyone else involved in preparing this document e.g. heads of practice areas.
Purpose of this training?
The firm-wide risk assessment is one of, if not the, most important AML documents you will have in your business. It is often described as the backbone of money laundering compliance in your firm. Once this is in place all your policies and procedures, training and due diligence will flow from it.
Regulation 18 of the Money Laundering Regulations 2017 made it a legal requirement that all firms subject to the regulations must have this written document in place. It helps to identify the risks your business faces and yet the SRA say that a lot of us are still not getting it right.
Templates may be used but it must be made very specific to your business and must be personalised to suit your firm.
The regulations tell us the five key areas to focus on – clients, geographic, products and services, transactions, and delivery channels but there are many other elements that need to be considered including proliferation financing (LSAG guidance March 2023)
If you were to get a visit from the SRA tomorrow would you and your staff be happy talking your way through this document?