Stay aware of the current AML risks and download a guide showing what a risk assessment might look like
Current AML risks
As your supervisory authority, ICB is required to make available to its members any information it considers would assist them in carrying out their own AML risk assessments.
You can read through this information here.
Practice risk assessment guidance
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into effect on 26 June 2017 and will be referred to as MLR 2017 throughout this guidance. Any reference in this publication to money laundering will also refer to terrorist financing.
When considering a risk-based approach to AML compliance a practice should look at what is the possibility that it could be:
- Be used to launder money.
- Be used to facilitate money laundering or terrorist financing by another person.
- Suffer consequential legal, regulatory or reputational damage because a client (or one or more of its associates) is involved in money laundering.
We have created a template to help you understand this further. Download the template here.
Sample practice risk assessment
This practice assessment should be undertaken at least annually and once undertaken, it should be kept under regular review. This risk assessment should not be confused with the firm's annual compliance review that practices are also expected to undertake,
The below template relates to a typical ICB member's practice and will provide members with some ideas on how they can complete a risk assessment for their own practice.
Download the template here.