Anti Money Laundering

The recently updated AML/CFT Guidelines by the Central Bank of Ireland means all firms should now review and consider the impact of the updated guidelines and the transposition of 5AMLD on their existing AML/CFT compliance frameworks to ensure ongoing compliance.

In recent years, risk management and risk assessments in the context of AML/CFT have been key areas of focus for the CBI.

We have supported a lot of AML and financial crime prevention teams in client companies with services including risk management, development of business risk assessments, and AML policies and procedures.

AML/CFT Business Risk Assessment

The updated guidelines emphasise the requirement for firms to complete a Business Risk Assessment to assess the AML/CFT risk which they are exposed to resulting from the nature and complexity of the firm’s business.

Having a business wide risk assessment enables you, as a regulated firm to have a comprehensive understanding of your firm’s actual and potential risks from an AML and financial crime perspective, and implement steps to mitigate and control such risks.

Customer and Transaction Risk Assessments

The updated guidelines also focus on the requirement for firms to undertake Customer and Transaction Risk Assessments to assess the AML/CFT risk resulting from a firm entering into a business relationship with a particular customer or performing an occasional transaction.

AML policies and procedures

Whether it is creating new or developing existing anti money laundering (AML) policies or procedures, we offer support in the drafting and implementing of this AML documentation. This can range from reviewing policies against regulation, guidance and best practices and to reflect changes in the firm’s environment or offerings.