Risk assessment and customer due diligence

In this edition, we share the CCAB AML Guidance that has been updated for the requirements around proliferation financing risk assessments and ongoing discrepancy reporting. We have also included a range of AML resources, an invitation to our next webinar and links to the National Crime Agency’s new SARs Portal and associated guides.

Firm-wide risk assessments (FWRAs) lay the foundation for effective anti-money laundering (AML) policies and procedures. In a recent webinar, ICAEW’s AML team talked about what a good assessment looks like and offered some insights into the most common failings found during monitoring visits.

A newsletter produced by ICAEW's Professional Standards team to help you keep up-to-date with key changes in the money laundering regime, and to help inform your risk assessment, policies and procedures.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR17) require firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing.

The Q&A session in ICAEW’s recent anti-money laundering (AML) webinar on firm-wide risk assessments (FWRAs) highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.

The Q&A session in ICAEW's recent webinar on money laundering risks highlighted a range of issues. We pick out some common themes, and experts from ICAEW's anti-money laundering (AML) team and leading firms provide responses to key questions.

Risk-based client verification is at the core of customer due diligence (CDD). ICAEW's anti-money laundering (AML) team and AML experts from leading firms offer some tips on how to source reliable evidence to verify that your client is who they say they are.

The pace of change and the volume of sanctions imposed in 2022 has increased the risk of ICAEW supervised firms inadvertently enabling sanctions evasion. We recognised the need to perform monitoring activity to identify and mitigate the risks. The results of this sanctions thematic review indicate firms have increased the intensity and frequency of their existing sanctions screening procedures. Use this review to benchmark your firm’s policies and procedures for screening clients and to assess the level of risk to which your firm may be exposed. Mitigate risks by implementing the policies and ...

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.