GFSC Thematic Review of ML and TF Business Risk Assessments [15th December 2022]
The GFSC issued its report on the thematic review of business risk assessments ON money laundering and terrorist financing
The thematic was undertaken to assess more than 100 licensed and registered firms [across all sectors] and how well firms identified and assessed these risks to their businesses.
The results were positive, demonstrating that most Business Risk Assessments met Bailiwick's regulatory requirements.
A copy of the thematic review is here.
The GFSC noted many examples of good practice during our review.
Nevertheless, seven areas for improvement were identified where firms could improve their risk assessments, of which there were two key areas.
- Firstly, firms could benefit from additional research and using the National Risk Assessment to help them improve upon identifying the terrorist financing risks relevant to their businesses through their
- transactions and
- delivery channels.
- Secondly, firms are advised to make more use of their management information to ensure that the assessments are relevant and tailored to the business.
The GFSC will be holding an industry event in 2023 to discuss the findings, and Invitations will be sent out in due course.
In the meantime, all firms are encouraged to consider the report's contents, particularly when updating and revising their business risk assessments.
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