As part of their AML firm visits in 2021, the SRA highlighted that many firms were not effectively managing their matter risk assessments. They found that in 33% of cases either there was no record or the assessment was considered incomplete or inconsistent with the firm’s practice-wide risk assessment.
In this session, we will be exploring:
- challenges firms face which result in incomplete, inconsistent or missing risk assessments
- an overview of the regulatory requirements
- how firms approach and capture AML vs wider matter risks
- best practices for driving towards 100% compliance through an integration of CDD, risk assessments, MLRO oversight and payments