Every entity that is a designated body must carry out and document an annual Anti-Money Laundering (AML) Compliance Review. The review usually results in an Action Plan to remedy any defects or weaknesses in AML compliance that identified in the review.
From time to time, we have seen the following points arise when firms are recording the AML risk assessment of their clients:
- The risk assessment often asks, ‘are there transactions in excess of €15,000?’.
- It also asks, ‘Does the entity transact business overseas?’
These types of risk assessment question are slightly inaccurate. The answers could result in the client being assessed at a much higher risk rating than would normally be appropriate. This often leads to a much more detailed level of client due diligence, thereby resulting in wasted non-chargeable time.
If you want to hear the answers to these questions and learn how to more accurately assess your client for AML risk purposes, please come to our next AML Update course on Tuesday 25 September 2018 in the Talbot Hotel Stillorgan, County Dublin, from 2pm until 5pm.
All delegates will receive a link to a vault of free online AML support materials. More information and booking details here
Free delegate parking on-site.