Professional Body Supervisors should act in a manner that supports the application of a risk-based approach by their membership.
An effective risk-based approach to anti-money laundering will require a regular appraisal and review of the risks. This will be provided by an assessment of where the money-laundering risks are greatest.
This assessment should not be static. It will change as circumstances develop and threats evolve. Professional Body Supervisors’ resourcing model and approach should be reflective of this.
Regulation 17(4) requires a professional body supervisor to develop, and record in writing, risk profiles for each relevant person in its own sector.
Regulation 17(5) says this may be a single risk profile for a cluster of its members, although, if so, Regulation 17(6) requires the appropriateness of that clustering to be kept under review. When preparing risk profiles, a professional body supervisor is required to review the risk profiles developed at regular intervals and following any significant event or developments which might affect the risks to which its own sector is subject (Regulation 17(8).
- National, sector and member risk assessments can be carried out.
- Risk profiles for every member is recorded within the supervisor’s register.
- The full risk reports for each member can be accessed from the register and downloaded to PDF for external reporting.
- AML360’s analytical filters are available to easily identify percentage volume of members within certain risk categories.
- AML360’s filters allow drill-down analysis which can be applied for determining supervisor activity and conducting thematic reviews.
- AML360 has a separate case management register which is available for recording and tracking supervisor activity for member entities.