If your business is registered with HMRC and falls under the money laundering and reporting regulations, annual business risk assessments are a necessity in proving your awareness of financial risks.
The problem lies in the fact that these risk assessments are often treated as a necessary step rather than a crucial one, meaning that many of the business risk assessments are non- or partially-compliant at best.
Many businesses will resort to using templates to complete their risk assessments or overlook critical areas, which begs the question…
What is the most proactive way to address AML and CFT in your business risk assessments?
Generalised templates can certainly give a business a foothold when it comes to getting to grips with AML and CFT requirements.
What they can’t provide, however, are deep insights into:
● Your clients
● The types of transactions you do
● Residual risks
● Risk controls
● Operational processes
For law firms, there’s also the law speciality to consider (e.g., a firm specialising in huge commercial property transactions will have different money laundering risks to a firm specialising in family law).
Canary Risk will provide you with a comprehensive document that tells you exactly what your exposures are as someone with reporting responsibilities so that you know exactly what to do within your business to insulate it against risk.
Whether you’re struggling with a practice-wide risk assessment for your law firm or a business in the financial services industry, keeping compliant and in-line with regulations makes the difference in being reactive or proactive.
Exposure to money laundering, terrorist financing and proliferation financing is a tricky risk area to address in a PWRA or BRA because of ongoing geopolitical developments, updates in legislation and best practice.
We know from experience how time-consuming and headache-inducing it can be to complete these assessments. But we can provide a tailored, proactive assessment for you that ticks all of the right boxes.
Your business deserves more than a generic template. We’ll provide you with a tailored risk assessment for your business or firm that gives you clarity on where your AML and CFT risks are in one comprehensive, cohesive document.
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AND
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