What information will I need to collate prior to getting started?

Applies to: Risk Assessment Platform

Information to Collate

It is recommended that the following details be collated before starting a Risk Assessment.  If not all the details are to hand it is still possible to start and save the Risk Assessment at any point. Once the information required is available then the Risk Assessment can be completed.

Company Details

• Company Name
• Country of Registration
• Name of registration body
• Date of incorporation
• Registered business number
• Registered office address
• Annual revenue
• Countries in which the business operates and % split of activities across each
• Outsourced relationships and oversight conducted
• Knowledge of distribution channels including: the use of third party distributors; location of those third parties and % split across each channel
• Name and contact details of AML Compliance officer (and delegate) and date of registration with regulator
• Name of regulator, registration number and date
• Details of unregulated entities, shell companies, and any operations in countries with inadequate or ineffective AML legislation

Employee Details

• Number of employees
• Number and % split of employees per customer facing role type
• Any adverse employment screening results
• Organisational chart (optional)

Customer Details

• Approximate number of total customers
• % Split of customer types eg individuals, companies (public / private), trusts, government associations, sole trader, partnerships, cooperatives, associations
• Knowledge of any politically exposed customers (domestic and foreign)
• Knowledge of any customers in high risk jurisdictions
• % split of customers across different countries
• % split of the industry sectors your business customers typically operate in

Products and Services

• Details of products and services offered:
• How funds / money is received into and withdrawn out of each product
• How funds / money is received from customers and paid out / refunded to them or third parties for each service offered
• Knowledge of services offered
• % of revenue contributed by each product/service
• % of customer base who use each product/service
• Monitoring procedures over each product
• Number of suspicious activity reports submitted for each product/service

Other

• Good knowledge of operational processes and controls across the business
• Knowledge of any previous issues, incidents or breaches in relation to money laundering