AML Client & Matter Risk Assessments - Are Yours Up to Date & Effective?

Introduction

Under regulation 18 of the MLR 2017, it a legal requirement that you must conduct three risk assessments within your business - the practice wide risk assessment and the client and matter risk assessments.

The SRA released their annual AML report on 13 October 2023 and highlighted that out of 1245 files reviewed in the reporting year on their visits, 51% of the client/matter risk assessments reviewed were ineffective.

A few days after the release of their report, the SRA issued three documents in relation to client/matter risk assessments - a Warning Notice, a report on a thematic review and lastly, a template and guidance for the client/matter risk assessments.

Have you revisited your risk assessments in light of this information?

Are they complete and effective?

This webinar will detail what should be captured on your risk assessments and why are they so important.

What You Will Learn

This webinar will cover the following:

• The SRA Annual Report 2023 and client/matter risk assessments
• What needs to be considered when putting together a client and matter risk assessment - client, location, PEP, source of wealth and source of funds
• Templates - do I need to use the SRA template?
• What does the relevant guidance say?
• Relevant questions to ask to determine risk - not just a tick box exercise
• Difference between a person and entity client and matter risk assessment
• Ongoing monitoring of risk
• Additional information that may be included on these risk assessments

This webinar was recorded on 20th June 2024

You can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.