Business Risk Assessments and Jurisdictional Risk Assessments
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The session will deal with the importance, requirements, and the processes involved in the carrying out of a Business Risk Assessment (“BRA”) and Jurisdictional Risk Assessments (“JRAs”). This training session is based on the requirements emanating from the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”), the FIAU Implementing Procedures Part I (“IPs Part I”) including other guidance documents and factsheets issued by the FIAU, guidance issued by international bodies such as the Wolfsberg Group, Basel Committee on Banking Supervision and FATF, and also based on best practice. This session will also be interactive whereby we will be taking you through practical examples and case studies.
MLROs and designate employees within the AML/CFT field.
Topics to be covered:
Business Risk Assessment (“BRA”)
- The Risk-Based Approach, the obligation around the BRA and its process;
- The five-step approach to the BRA;
- Identifying the inherent risks and how these risks are determined including the qualitative and quantitative information to be considered;
- Factors that are considered as posing high inherent risks;
- The controls of the organisation and the determination of the effectiveness of controls;
- Guidance on how to assess the effectiveness of the controls;
- Examples of controls at the enterprise level, at the first line of defence and other general controls;
- Controls to be considered for each of the risk factors;
- Determination and calculation of the residual risk;
- Discussions around the BRA guidance document issued by the FIAU;
- Tips to conduct an adequate BRA;
- The importance of revising and updating the BRA;
- Administrative Penalties issued around the BRA; and,
- Practical example on the BRA, followed by case studies.
Jurisdictional Risk Assessments (“JRAs”)
- Regulatory Framework on the JRAs and their process;
- Discussions on the FIAU’s enforcement factsheet around JRAs;
- Summary to conducting adequate JRAs;
- Administrative Penalties issued around JRAs; and,
- Practical example on a JRA, followed by case studies.
“A very informative session given by great professionals.”
– Attendee, Deputy MLRO
(May 2022 edition)
CPE Hours: This course qualifies for 2 hours of Structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of each session.
Deborah Cassar, Associate Director, AML, Risk Consulting Advisory Services, KPMG in Malta
Deborah is an Associate Director in AML within the Risk Consulting Advisory Services team at KPMG in Malta. She graduated with a Bachelor of Commerce Degree in Banking & Finance and Management, from the University of Malta. She has over 10 years’ experience within the Financial Services sector and over 13 years’ experience in the AML/CFT field.
Before joining KPMG, Deborah worked for over 2 years with the Financial Intelligence Analysis Unit (FIAU). She has extensive experience in carrying out Compliance on-site and off-site examinations with subject persons; advising and assisting subject persons in establishing appropriate AML/CFT internal structures and controls. She obtained an international golden standard specialisation with ACAMS as a recognised and certified Anti-Money Laundering Specialist (CAMS) and also completed the Advanced CAMS in Risk Management (CAMS-RM). Deborah is a Co-Founder and Co-Chair of the ACAMS Malta Chapter.
At KPMG, Deborah works extensively in the areas of AML Compliance. She has managed both local and foreign AML projects and assisted entities to comply with regulatory obligations specifically on AML/CFT. These projects include assisting with the drafting and/or review of policies and procedures, training, review of processes, GAP analysis, independent AML audits, Customer Risk Assessments and Business Risk Assessments.
Lara Farrugia Imbroll, Assistant Manager, Advisory – Risk Consulting Advisory Services, KPMG in Malta
Lara is an accountant by profession and holds a Bachelor of Commerce Degree in Accountancy and Management as well as a Masters Degree in Accountancy, from the University of Malta. Lara has been working with KPMG Malta since 2017 where she joined as a summer intern and was assigned to various departments including the Risk Management and Audit departments. In 2019, Lara joined the Risk Consulting Advisory Services department on a full-time basis and currently works as an Assistant Manager with the AML team.
AML is an area where Lara has carried out substantial research as part of her dissertation submitted in partial fulfilment of her Master in Accountancy degree. Her research study focused on the transposition process of the 4th AML directive into the Maltese national laws. The study also covered the impact of the key changes in the 4th and 5th AML directives on selected Maltese investment firms.
She is involved in several types of engagements including assistance to local and foreign clients with the drafting and reviewing of AML/CFT policies and procedures, Business Risk Assessments and Customer Risk Assessments, reviewing of client files and GAP analysis, as well as delivering AML/CFT training, thereby ensuring that her clients are compliant with the AML/CFT regulatory requirements.
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- Guided Learning 2 Hours
- Language English