Anti-Money Laundering Risk Assessments
Part of the Anti Money Laundering (AML) Regulations is for a business to undertake a formal risk assessment. The predominant reason is to identify, manage and where possible eradicate the potential for the business to be caught up in money laundering.
Regardless of the size of your business and the complication of your structure, a Risk Assessment must be performed. We work with businesses of all sizes and across all sectors and multi jurisdictions.
What are the main factors to an AML risk assessment?
An effective risk assessment must
- Review the businesses approach to AML and its policies and procedures.
- Understand the operation of the business
- Understand the clients and where risks arise
- Engage with staff to gather the appropriate information to assess risk and how they are and should be managed
- Identify the geographical locations where risk is enhanced and deliver solutions to reduce such risks
- Review the work types and the risks associated with each to take action to reduce risks where they arise
- Review the transactions that a business undertakes, identify risk and the action to reduce or remove risk from the processing of business
- Review the process of managing money and finances to ensure that businesses are aware of the potential causes of concern and able to take action to remove or reduce the risk.
- Review the knowledge of the staff and identify where enhancement is needed
- Consider the application of policies and where they need to be enhanced to ensure full implementation
- Consider other areas of risk across a business which are not simply AML related, business face risk outside of the AML and part of a risk assessment is to always consider such risks
A risk assessment provides a valuable insight into a business, when performed correctly. They do not just provide an overview of risk but also highlight issues within the business as to undertake a risk assessment properly many factors needs to be considered which will impact on the staff, clients, operations and finances of a business.
Through working with AML and Compliance, a business can be assured that we will bring the level of knowledge and expertise to perform a valuable risk assessment exercise that protects the business at all times.
To enquire about our risk assessment services and how AML and Compliance can work with your business you can call us on 0203 985 8553, email us firstname.lastname@example.org or complete an enquiry form.