Every accountancy firm must have policies and procedures for managing its money laundering and terrorist financing (MLTF) risks.
This ensures a focus of resources on the areas of greatest risk.
As per the MLR 2017, an AML firm-wide risk assessment must be conducted and documented. The firm-wide risk assessment must be considered when creating or updating a firm’s policies and procedures.
ACCA has created a Firm-wide risk assessment factsheet to help practitioners. The support includes:
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