GFSC feedback on 100 ML/TF business risk assessments
In December, the GFSC published a report following a review of the ML/TF business risk assessments of more than 100 firms. They did this work to assess how well firms identified and assessed the ML/TF risks to their businesses. The results were positive, demonstrating that most BRAs met the Bailiwick’s regulatory requirements.
In July, the GFSC issued a report following a review of the effectiveness of firms’ monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons (“PEPs”). The results showed that the controls employed by firms to mitigate PEP risk were effective, with only three of the 30 firms the GFSC visited requiring risk mitigation programmes to remediate identified issues.
During the above x2 reviews, the GFSC noted many examples of good practice as well as some areas of improvement where firms could develop their risk assessments as well as their policies, procedures and controls.
So the GFSC can share this feedback and discuss its findings, they are hosting a series of presentations. Join us on Monday 25 September or Tuesday 26 September in the Harry Bound Room at Les Cotils.
To secure a place, please use the event sign-up links sent to the central email address held by the Commission for your firm. Further details are available on the Commission’s website: https://ow.ly/rpNl50PN9kh
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