Law Firm AML Risk Assessment video
Every risk factor the regulators name counted from the firm's own matters, every rating cited, and the policy redrafted when a rating moves. 1:17
What the film shows
Drafts and maintains the firm-wide AML risk assessment and program from the firm's real matters
Agents count the firm's exposure for each risk factor from its open matters, map each factor to what the SRA, AUSTRAC and FATF say about it, propose a rating with the numbers behind it, find program gaps against each office's rules, redraft the policy a changed rating touches and assemble the annual pack. The MLRO decides every rating and signs.
Transcript
- Law Firm AML Risk Assessment builds the firm-wide assessment from real matters, for law firms.
- The SRA found four in ten firm-wide assessments fell short.
- The register counts 6,840 open matters across 23 risk factors.
- Recounted, 47 matters now touch high-risk countries, up from 19.
- At 1.7 percent of in-scope matters, the rating rises to high.
- The enhanced checks policy is redrafted, and the compliance officer reviews it.
- Five gaps against the new Australian rules are owned before July first.
- The partners' pack is assembled, and Fionnuala, the reporting officer, signs it.
- A risk assessment of the firm's actual clients, in three days, not six weeks.
- Built on Botminds: agents, data, screens and governance on one platform.
The narration as written for the film. Captions are on the player.