Here are five essential actions to guide you through a smooth REQ submission process:
Action #1: Maintain an Updated and Relevant Business Risk Assessment (BRA)
Regularly review and revise your Business Risk Assessment (BRA)
outlining your organisation's methodology for assessing inherent and residual risks. This step becomes particularly crucial with changes in services, updates
at National Risk Assessment (NRA) or Supranational Risk Assessment (SNRA) levels, or shifts in the company's risk appetite.
Action #2: Keep your AML Policies and Procedures Updated
Ensure your AML policies and procedures
are not only current but also in line with the latest Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) developments. Ongoing updates are vital, especially when considering their role in preventing money laundering and terrorism financing.
Action #3: Stay Informed on High-Risk Jurisdictions
Stay vigilant about the latest high-risk jurisdiction lists, typically based on criteria from organizations such as the Financial Action Task Force (FATF), the European Union (EU), and the Basel Index. Timely awareness is crucial for adherence to deadlines.
Action #4: Ensure Customer Files are Complete
Organise and maintain comprehensive customer data to meet REQ deadlines. Incomplete data can lead to time-consuming efforts during the submission process, emphasising the importance of having all necessary information readily available.
Action #5: Conduct Regular Internal Audits
Consider undergoing internal audits
to test the effectiveness of your measures, policies, controls, and procedures. This proactive step, particularly important for larger organisations, ensures readiness for regulatory scrutiny and contributes to meeting submission deadlines.
By adhering to these five actions, professionals can approach the REQ submission with a focused strategy, meeting FIAU deadlines with ease and contributing to effective risk mitigation.
Want to know more?
Get in touch with our Risk Advisory Team