
AML 3
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, partners, fee earners, compliance teams and anyone else involved they may be involved in these risk assessments.
Purpose of this training?
In the world of AML we have several layers of risk assessment. The two top level risk assessments are firstly, the National Risk Assessment (NRA) followed by the SRA Sectoral Risk Assessment.
The next level down is the practice wide risk assessment (PWRA), a legal requirement under Regulation 18 of the MLR 2017 and one of the most important pieces of AML documentation in our firm.
Often forgotten are the final two risk assessments – client and matter. The client risk assessment is part of the CDD process and you must consider the risks of each client paying particular notice to your practice wide risk assessment. The more you get to know your client and understand the instructions they are giving you, the better placed you are to assessment risk, know when something appears suspicious and therefore protect your firm.
Matter risk assessments focus on the specific risks that a matter presents. These risk assessments should not be a tick box exercise but should identify risks with reference to your PWRA, rates the risks and then, justify the ratings using a support rationale. Although matters may be of the same type every matter is different.