The Risk Factors Guidelines for AML processing – C219

July 5, 2017

As in accordance with Circular 219 – ESAs Guidelines on anti-money laundering and countering the financing of
terrorism – ‘The Risk Factors Guidelines’Use of Affiliates
, when CIFs process clients for anti-money laundering, and counter terrorist financing, they must classify then using a risk-based approach in their assessment and categorize them accordingly. From 26 June the new requirements come to effect. In summary, a CIF must adjust their policies and procedures to:

  • obtain sufficient information regarding origin of funds and ultimate beneficiary owners
  • maintain the information updated on frequent basis
  • use the information obtained to categorize client based on risk for AM/TF
  • monitor and perform due-diligence on clients based on their risk classification

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