Thematic examination: Anti-money laundering and countering the financing of terrorism business risk assessment and strategy
As a part of our planned thematic examination program, we are reviewing the extent to which supervised persons have undertaken an assessment of their exposure to money laundering and terrorist financing risk, and documented a resulting strategy to counter it.
In addition to our scheduled examinations, we will also be asking a selection of 20 supervised businesses to complete a questionnaire on the theme of anti-money laundering and countering the financing of terrorism (AML/CFT) business risk assessment (BRA) and strategy. These businesses will be selected from the accountancy, legal and estate agency sectors.
Selected businesses will be contacted today and will have until 11 April 2022 to complete and submit the questionnaire
Following our analysis of the responses, we will be asking for a sample of businesses to provide additional information and/or evidence to support the answers provided.
We will share the results of the questionnaire in our feedback.
We have published a copy of the questionnaire on our website and recommend that all supervised businesses undertake a self-assessment to consider their own arrangements. Where any deficiencies in their systems and controls are identified, we ask that they construct a remediation plan and take any action(s) as necessary. We also ask that they consider the notification requirements under the code of practice within section 2.3 of the relevant AML/CFT Handbooks.
Contact your supervisor if you have any questions about the thematic examination.