Stay aware of the current AML risks to your practice and download a guide showing what a risk assessment of your practice 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 conduct a risk assessment on itself, otherwise known as a 'firm-wide risk assessment' or 'practice risk assessment'. You will need to consider the possibility that the practice could:
- 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
Practice risk assessment template
We have created a template to help you understand this further. Download the template here.
Sample practice risk assessment
This practice risk 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 sample relates to a typical ICB member's practice and will provide you with some ideas on how you can complete a risk assessment for your own practice.
Download the sample here.