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The next instalment from Firmchecks AML Essential Kit covers firm-wide risk assessments.
A Firm-wide Risk Assessment (FWRA) is a structured review of your firm’s exposure to money laundering, terrorist financing, and proliferation financing risks. It considers factors like your services, clients, delivery channels, and geographic reach to identify where your biggest AML risks lie. The findings shape how you apply due diligence, design your policies, and train your team.
A strong FWRA helps you focus on the risks that matter most and ensures your AML approach is proportionate. Regulators often cite poor or missing FWRAs as a top compliance issue — so having a clear, up-to-date FWRA is critical to protecting your firm and staying compliant.
Your FWRA should cover five core areas, as required by regulation 18 of the Money Laundering Regulations (MLR 2017):
Your client base
The countries you operate in or deal with
The services you offer
The types of transactions you carry out
How your services are delivered
The FWRA must be documented, regularly reviewed, and made available to your supervisory body on request.
The AML Essential Kit on firm-wide risk assessments will guide you through everything you need to know, it covers:
Understanding AML risk
Your client base
Geographic exposure
Services and transactions
Delivery channels
Using supervisory guidance
Keeping it documented and up to date
A firm-wide risk assessment is the foundation of a strong, proportionate AML programme. It helps you identify your firm’s exposure, implement better controls, and stay compliant with MLR 2017.
View all the details and the full AML Essential Kit here - https://www.firmcheck.com/aml-essential-kit/firm-wide-risk-assessments
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