Money laundering and terrorist financing organisation-wide risk assessment

The following Risk & Compliance precedent provides comprehensive and up to date legal information covering:

  • Money laundering and terrorist financing organisation-wide risk assessment

Money laundering and terrorist financing organisation-wide risk assessment

This Precedent reflects draft Legal Sector Affinity Group (LSAG) AML guidance, published on 20 January 2021. It awaits HM Treasury approval. Note that any content may be amended before the final version is published with the Treasury’s approval.

    1. 1

      Introduction

      1. 1.1

        We have performed an organisation-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].

      1. 1.2

        [Insert overview of your organisation, including its key features:

        1. 1.2.1

          number of staff and composition of staff base, staff turnover and any other relevant employee metrics;

        1. 1.2.2

          description of practice areas and their relative size/significance to the business;

        1. 1.2.3

          customer types;

        1. 1.2.4

          length/depth of customer relationships/stability of the customer base;

        1. 1.2.5

          location of the organisation and any international exposure.]

      1. 1.3

        Our assessment included consideration of:

        1. 1.3.1

          the profile and demographic of our customer base;

        1. 1.3.2

          the geographical areas we operate in;

        1. 1.3.3

          the sectors we operate in;

        1. 1.3.4

          the [services AND/OR products] we offer;

        1. 1.3.5

          the type of transactions we are involved in, including delivery channels and particularly whether third party funding is involved;

        1. 1.3.6

          existing and future business partnerships and opportunities;

        1. 1.3.7

          our internal or operational risks.

    1. 2

      Internal and external sources of information in relation to risk

      1. 2.1

        We have identified the following internal and external

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