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.