Much of the law governing systems and controls in relation to anti-money laundering (AML), counter-terrorist financing (CTF) and, counter-proliferation financing requires a risk-based approach. If your organisation is subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, you must perform an assessment of the risk of your business being used for money laundering, terrorist financing and proliferation financing purposes.
This means it is for you to identify the areas of your business most at risk and to apply appropriate measures to prevent your services from being used for criminal purposes.
This subtopic:
provides guidance on conducting assessments of the risk of your organisation being used for criminal purposes—see Practice Note: How to identify and assess organisation-wide risks under the Money Laundering...
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