Risk assessment

Risk assessment

Much of the law governing systems and controls in relation to anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing requires a risk-based approach. If your firm is subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, you must perform an assessment of the risk of your business being used for money laundering, terrorist financing and proliferation financing purposes.

This means it is for you to identify the areas of your business most at risk and to apply appropriate measures to prevent your services from being used for criminal purposes.

For guidance on conducting assessments of the risk of your firm being used for criminal

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Practice Compliance News

EDPB approves certification criteria for EU Data Protection Seal under EU GDPR

The European Data Protection Board (EDPB) has approved the certification criteria for the EU Data Protection Seal, a mechanism to certify compliance with EU General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) in data processing operations, including transfers to third countries. This seal helps establish appropriate safeguards for data transfers, offering a uniform standard of assurance across the EU. It also specifies the roles of supervisory authorities, accreditation bodies, and certification bodies in maintaining consistent application of GDPR rules

Workers could get six months to bring any employment tribunal claims

Law360: Workers would get six months rather than three to bring any employment tribunal claims under a proposed amendment to the Employment Rights Bill, a move that a lawyer has said 'strikes the right balance'.

Spotlight on Corruption reports on OFSI sanctions enforcement

Spotlight on Corruption publishes a report on the recent Commons Treasury Select Committee hearing with the Office of Financial Sanctions Implementation (OFSI). The report highlights UK's underwhelming record on sanctions enforcement. With only one £15,000 fine imposed since 2022, zero criminal convictions since 2012, and less than £m in assets seized, enforcement remains feeble. However, OFSI's caseload has increased to over 400 investigations, and the Foreign Secretary has confirmed a government review of sanctions is underway. The hearing also revealed potential for improved cooperation between OFSI and law enforcement, though concerns about transparency persist. These developments suggest a possible shift towards more robust sanctions enforcement in the near future, pending the outcomes of ongoing cases and the government's review.

Practice Compliance weekly highlights—28 November 2024

This week's edition of Practice Compliance weekly highlights includes: the new Practice Compliance forecast, the latest sanctions news, the launch of a bribery investigation into defence firm Thales by the SFO, INTERPOL’s successful global operation against financial cybercrime and the extension of liability of the new failure to prevent fraud offence into corporate enviro fraud.

View Practice Compliance by content type :

News