News & insights

SRA Updates its AML/CTF Sectoral Risk Assessment

Written by Insight & Partnership Team | Mar 5, 2024 11:29:00 AM

The major changes from the previous Sectoral Risk Assessment dated July 2023 are as follows:

  • Coverage of new risks: vendor fraud, pooled client funds, third-party managed accounts, and irregular methods of transferring funds;
  • The classification of sanctions under its own risk heading;
  • Amended references to Covid-19, retaining risks which have become part of usual business and removing those which are no longer relevant;
  • Coverage of the risk of modern slavery in relation to cash-based industries;
  • The inclusion of further references to AI and cybercrime; and
  • An updated position regarding domestic PEPs.