Money Laundering Risk Assessment Template
Know Your Compliance Limited provides policy templates to over 10,000 organisations across the UK in hundreds of different industries. The Money Laundering Risk Assessment Template is included with our AML Policy Template & MLRO form.
Assessing AML risks is a mandatory requirement for those with obligations under the MLR17. It is also compulsory for supervisory authorities to assess the risks associated with money laundering and terrorist financing.
UK AML & CFT Regime
Since the Money Laundering Regulations were enforced in 2017, the Financial Action Task Force (FATF) has reviewed the UK’s regime. The UK achieved the best rating of over 100 countries for it’s anti-money laundering and counter-terrorist financing (CTF) regime.
FATF stated that “the UK has a robust understanding of its money laundering and terrorist financing risks, and that [their] national AML and CTF policies, strategies and activities seek to address the risks identified in [the] public National Risk Assessments (NRAs).”
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Anti Money Laundering Policy Template
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Anti-Bribery & Corruption Policy Template
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Due Diligence Policy Template
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Anti Money Laundering & Due Diligence Toolkit
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Anti Money Laundering Materials Training Package
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AML National Risk Assessment (NRA)
Under the MLR17, the HM Treasury and Home Office are required to prepare a joint report setting out the findings of a National Risk Assessment (NRA). The UK’s National Risk Assessment (NRA) of Money Laundering and Terrorist Financing was published in 2020. It identifies, assesses and mitigates the risks of money laundering and terrorist financing affecting the UK.
It is also mandatory for regulated firms and supervisory authorities (i.e. the FCA, HMRC) to conduct their own risk assessments. They should seek to take into account the latest NRA findings and guidance when completing internal assessments. The NRA sets out the key money laundering and terrorist financing risks for the UK and any actions taken since 2017 to address those risks.
Using our Money Laundering Risk Assessment Template in conjunction with our AML procedures enable firms to meet the mandatory requirements. Businesses can then identify, document and evidence money laundering risks and associated controls.
Templates & Guidance Linked to Money Laundering Risk Assessment Template
Risk Management Templates | AML Policy Template | Anti-Money Laundering Toolkit | AML Training Package | HMRC Money Laundering Regulations | FCA Financial Crime Guidance | UK’s NRA