The following Risk & Compliance guidance note provides comprehensive and up to date legal information covering:
The money laundering and terrorist financing national risk assessment (NRA) sets out the key money laundering and terrorist financing risks for the UK and identifies how these have changed since the government’s first NRA was published in 2015.
This Practice Note explains the background to the NRA, its key findings and what publication of the NRA means for you.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 from 10 January 2020, require the Treasury and Home Office to make arrangements for a risk assessment to be undertaken to identify, assess, understand and mitigate the risks of money laundering and terrorist financing affecting the UK.
The risk assessment must, among other things:
identify any areas where relevant persons should apply enhanced customer due diligence (CDD) measures, and where appropriate, specify the measures to be taken
identify, where appropriate, the sectors or areas of lower and greater risk of money laundering and terrorist financing
consider whether any rules on money laundering and terrorist financing made by a supervisory authority applying in relation to the sector it supervises are appropriate in the light of the risks of money laundering and terrorist financing applying to that sector, and
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