Client risk assessments under the current AML regime

In October 2023 the SRA indicated a fresh approach to the undertaking of client and matter risk assessments. They also introduced a compendious form to be used as a template.

An essential part of the client risk assessment is the need to explain the thinking behind whatever risk rating we decide to ascribe to a particular client – a rationale justifying our decision-making. That is proving to be more difficult than it may appear.

Further, we need to undertake some elementary source of wealth enquiries to back up whatever identification steps we put in place. Is this enough, though?

This webinar will endeavour to answer those queries.

Topics covered include:

• Our role as gatekeepers
• What is the difference between Client and Matter risk assessments?
• Explaining our reasoning
• What do we do about clients we have known for years?
• What records do we need to keep?
• What evidence do we need of what we are told?
• Ongoing Monitoring