AML Risk Assessment

The session will delve into the Business Risk Assessment subject persons are required to carry out from a PMLFT perspective. The local legal framework and Implementing procedures will be the basis of the session, however a look at the new EU AML Regulations which will come into force in future will also be looked into. We will look at what makes up a BRA, that is, the threats and vulnerabilities that subject persons are exposed to and how they can assess the likelihood and impact of ML/FT risks. This will enable the subject persons to determine the areas of priority in terms of the AML/CFT controls to put in place in to order to mitigate the risks identified.

The session will also cover the customer risk assessment and how a subject person has to carry out a CRA during the course of a business relationship or occasional transaction, taking into account the four risks, i.e. customer, jurisdiction, services/products and interface.

The AML risk assessment process is critical for ensuring compliance with the legislation and apply mitigation measures to the risk identified throughout the process. It also assists subject persons allocating resources effectively to areas of highest risks.

The Speaker

Ariane Azzopardi is a Director within the Quality and Risk Management function at KPMG. She has over fifteen years’ experience in this field and is the delegate of the Risk Management Partner at KPMG in Malta. She is involved in the implementation and monitoring compliance with quality and risk management policies and procedures in KPMG in Malta also handling compliance and risk management queries, including those related to the Prevention of Money Laundering and Financing of Terrorism (PMLFT) and ethics and independence. She delivers sessions on PMLFT at the KPMG roundtable and also at various other seminars and conferences.

Ariane is a co-chair of the PMLFT sub-committee at the Malta Institute of Accountants and a committee member of the PMLFT sub-committee at the Institute of Financial Services Practitioners.