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Anti-money laundering

Firm-wide risk assessments

This page is part of a series on the 10 most common issues we've found when reviewing firms' compliance with the Anti-money Laundering Regulations.
See the 10 most common issues
The risk-based approach underpins the Money Laundering Regulations 2017. A firm-wide risk assessment enables you to identify the areas of your business that are most at risk of being used to facilitate money laundering, enabling you to prioritise your resources on greater risk areas. We found that some firms had either not performed a firm-wide risk assessment, or the firm-wide risk assessment had not identified all the risks.

How to perform a firm-wide risk assessment

  1. Identify the money laundering risks.
  2. Assess the likelihood and impacts of each risk.
  3. Review the mitigating checks, systems and controls you have in place.

Key risks to consider

  • The type of services you offer.
  • The nature of your customer base.
  • The countries and geographies you and your clients operate in.
  • The type of transactions you are performing (eg, payroll or handling clients' money).
  • How you are delivering your services.

Resources to support compliance

Read the report

Read our 2021/22 anti-money laundering supervision report for more detail on the results of our monitoring reviews, the outcomes of those reviews and enforcement action taken. The report also summarises all of our anti-money laundering supervisory activity during the period.