AML Update: Understanding Geographic Risk

The Money Laundering Regulations in the United Kingdom and Republic of Ireland require supervised firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing. 

Firms need to assess the services they provide and the types of client they have, to understand how criminals could use them to conceal the proceeds of a crime or use their services to create an arrangement that could facilitate money laundering and/or terrorist financing. 

Firms need to understand their inherent risks and the effectiveness of controls in place to mitigate associated risks. Appropriately managing geographic risk through an effective risk-based approach tailored to your requirements can greatly lower your risk. 

The firm should consider whether its clients are established in countries that are known to be used by money launderers or terrorist financiers, or whether another of the parties to the transaction is established in such a country. 

When determining geographic risk, factors to consider may include the perceived level of corruption, criminal activity, and the effectiveness of MLTF controls within the country. 

The focus of the webinar will be: 

• developing and enhancing your money laundering and terrorist financing risk assessment to meet regulatory expectations. 
• providing you with an ability to identify gaps or opportunities for improvement in AML policies, procedures, and processes. 
• ensuring firms are aware of key risks, control gaps and remediation efforts. 
• assessing geographic money laundering risk, including reviewing corruption indices and sanctions screening 
• explaining circumstances where enhanced due diligence is required 
• providing guidance on identifying and verifying foreign beneficial owners 

This webinar will help supervised firms ensure they maintain client due diligence policies and procedures which meet regulatory requirements and best practice, appropriate and proportionate for their size and activities. 

To register for this event, click here.