Money laundering and terrorist financing firm-wide risk assessment—law firms
Money laundering and terrorist financing firm-wide risk assessment—law firms

The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:

  • Money laundering and terrorist financing firm-wide risk assessment—law firms

  1. 1

    Introduction

    1. 1.1

      We have performed a firm-wide assessment of the areas where we are most at risk of involvement in money laundering and/or terrorist financing. This document records the risks we have assessed and conclusions we have reached. The person responsible for this risk assessment is [insert name or role].

    2. 1.2

      The review included consideration of:

      1. 1.2.1

        the profile and demographic of our client base

      2. 1.2.2

        the geographical areas we operate in

      3. 1.2.3

        the sectors we operate in

      4. 1.2.4

        the [services AND/OR products] we offer

      5. 1.2.5

        the type of transactions we are involved in, including delivery channels

      6. 1.2.6

        existing and future business partnerships and opportunities

      7. 1.2.7

        our internal or operational risks

  2. 2

    Internal and external sources of information in relation to risk

    1. 2.1

      We have identified the following internal and external sources of information in relation to risk:

    2. Internal External
      [MLR independent audit report with associated documents, eg schedule of recommendations]
      [Suspicious activity report register]
      [Crime prevention quarterly monitoring record]
      [Annual AML/CTF review and board report]
      [Client inception data, eg to identify different
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