AML firm-wide risk assessment
You might already know that the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017) make it a legal requirement for every relevant firm to document its risk analysis, including having an AML firm wide risk assessment. But where do you start?
Asking the right questions in your firm-wide risk assessment is a huge responsibility. After all, if your firm is ever involved in a money laundering situation, this assessment will play a central role in ensuring your compliance.
The AMLCC online firm-wide risk assessment is designed to replace your firm’s risk assessment spreadsheet or printed manual. It brings together every question you’ll ever need to cover in your AML firm-wide risk assessment in one, easily editable document. The questions address risks collated from multiple sources.
Create a bespoke anti-money laundering firm-wide risk assessment
You must have a personalised AML firm-wide risk assessment. Creating one starts with a series of quick questions about your firm. The overview you give here will allow the AMLCC platform to start building your bespoke assessment.
As the questions progress to the sectors you operate in and the kind of clients you work with, you’ll be given guidance about the risks your firm could encounter as a result and advice on how to mitigate them. At this point, you’ll have the option of adding comments to explain the actions your firm has taken to reduce risk. This feature is vital for showing your AML Supervisor that you have acted in the right way.
Once completed, you can download your bespoke AML firm-wide risk assessment and email it to your Supervisor. It’s really that simple.
Updates are a click away
When it comes to your mandatory annual update, if there are any changes you can easily edit the relevant questions while leaving the rest of the assessment as it is. Then simply save a new version of the document to create a new entry in your audit trail. If there are no changes, this process can be very quick.
It’s not just the annual updates of your AML firm-wide risk assessment that are saved. Every time anyone in your firm makes a change to the assessment, the online AMLCC platform logs the time, date and user. This is substantial, easy-to-access proof for your Supervisor should you need to show your firm’s anti-money laundering compliance.
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