“Inadequate” risk assessments put firms at risk…
Find out what steps you and your firm can take to avoid common anti-money laundering and financial sanctions issues.
Key findings include the most common breaches reported by legal public body supervisors (PBSs):
Many PBSs also noted that non-compliance and poor AML procedures were most common with smaller firms and sole practitioners, who often failed to understand the importance of having adequate AML controls in place.
A long-standing relationship between a client and a business leading to insufficient checks was also noted by many PBSs as being a common theme among non-compliant members of their supervised population.