The rise of compliance Written by: Kirsten Morel Increased regulation and demands for transparency have meant the compliance burden for financial service providers has become more onerous. Kirsten Morel examines how these firms have been affected You don’t have to work in the finance industry to be aware that compliance plays a key role in […]

Establishing Risk Appetite a) Undertaking a business risk assessment allows the business to formulate its “risk appetite”. b) The term “risk appetite” refers to a business’ overall willingness or acceptance threshold for new business and the associated financial crime risks that will need to be mitigated. c) A business should be able to formulate a […]

ON THE 17 September 2014The GFSC have issued a FAQ to answer the following question • What is a Business Risk Assessment? Introduction 1. Regulation 3 of the AML/CFT Regulations requires a business to carry out and document a suitable and sufficient business risk assessment (“BRA”). 2. A BRA is an important tool used to […]

The GFSC have issued a FAQ to answer the following question We have discovered that we have not undertaken CDD in compliance with the requirements of the Regulations and/or rules in the Handbook.  We are reluctant to approach the customer and  Would like an exemption from having to comply with these requirements. GFSC response The […]

The GFSC have issued a FAQ to answer the following question Can I rely on a 3rd party to perform my AML Compliance Function? A business may outsource a function which forms a part of its compliance arrangements designed to deter, forestall and prevent financial crime. Guidance on the factors which a business should consider […]