Our annual Sectoral Risk Assessment helps us to identify potential risks that could affect our regulated firms and supervised community. This annual assessment forms a vital part of our Anti-money Laundering (AML) compliance and supervisory activities. Carrying out this detailed review, helps us to fully understand the risks faced by our regulated community in relation to money laundering, terrorist financing or proliferation financing.
It provides up-to-date, detailed risk assessment data, to enable us to target our supervision to address any identified risks and also provide advice and guidance on how to mitigate risks.
The Sectoral Risk Assessment ensures that these risks are identified, so that CRL as a supervisory body can:
- target its supervision to address the risks
- advise the supervised community how to mitigate the risk.
We also monitor the activities of our wider regulated community to identify whether their activities bring them within the scope of the MLR.
The Sectoral Risk Assessment also informs firms of the risks they should consider and risk mitigations they can put in place when they carry out their Practice Wide Risk Assessments (as required by Regulation 18 Money Laundering Regulations).
