Business risk assessment
The firm’s own documented view of the money-laundering and other financial-crime risks it faces, approved by its board.
The business risk assessment considers the firm’s customers, products, delivery channels and geography, and the controls it runs against each risk. It is the foundation of the risk-based approach: every other control should follow from it.
Supervisors expect it to be specific to the firm, reviewed regularly and refreshed when the business or the regime changes.
Where the rules use it.
- GFSC Handbook on Countering Financial Crime (AML/CFT/CPF)The Bailiwick's AML/CFT/CPF rules and guidance for financial services businesses and prescribed businesses, issued under the Criminal Justice (Proceeds of Crime) regulations.Guernsey · 8 controls
- JFSC AML/CFT/CPF HandbookHandbook for the prevention and detection of money laundering, terrorist financing and proliferation financing under the Money Laundering (Jersey) Order 2008.Jersey · 8 controls
- FATF RecommendationsThe 40 Recommendations — the international standard every national AML/CFT/CPF regime is measured against.Global · 8 controls
- UK Money Laundering Regulations 2017The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.United Kingdom · 8 controls