AML/CFT – WHAT’S IN A RISK RATING?
The rating sets the level of the information, documentation and supervision needed but have you given the relationship the right rating?
Getting it right starts from the business risk assessments, ensuring they cover all relevant risks identified in Guernsey’s National Risk Assessment, the inherent risks of the type of business you do together with the actual risks you face. The job of your relationship risk assessment is then to identify which of those risks exist in your business relationships so that appropriate controls such as ECDD and montioring can be put in place to reduce the possibility of your firm being involved in money laundering or other financial crime.
If you wish for a full review of your BRAs and/or relationship risk assessment or a review of any or all of the assessments you have completed to ensure you have covered all that is needed, please let me know.