UK Finance Publishes Paper on Counter Proliferation Financing

The release of the paper comes amidst an increased focus on PF risks from bodies including the UN and Financial Action Task Force (FATF).

The paper covers areas including:

➡️ Regulatory frameworks: Key frameworks, definitions, and standards on PF from the UK, US, EU, UN, and FATF;

➡️ Risk assessments: PF risk assessments and key risk characteristics such as cross-border transactions, exploitation of jurisdictions with limited disclosure requirements, technology used, and structural complexity used to obfuscate beneficial ownership; and

➡️ Risk management: Challenges and approaches for financial institutions (FIs) to manage PF risks including specific KYC/CDD measures, screening lists used, and transaction monitoring controls.

✅ Firms can review the UK Finance paper in ensuring their CPF control frameworks are robust and reflect the recommendations outlined.

💡 Plenitude’s Advisory & Transformation practice conducts independent assessments, helping clients identify potential gaps and weaknesses in their FCC frameworks. Visit our website for more information: https://www.plenitudeconsulting.com/services/advisory-and-transformation