Establishing Risk Appetite a) Undertaking a business risk assessment allows the business to formulate its “risk appetite”. b) The term “risk appetite” refers to a business’ overall willingness or acceptance threshold for new business and the associated financial crime risks that will need to be mitigated. c) A business should be able to formulate a […]

ON THE 17 September 2014The GFSC have issued a FAQ to answer the following question • What is a Business Risk Assessment? Introduction 1. Regulation 3 of the AML/CFT Regulations requires a business to carry out and document a suitable and sufficient business risk assessment (“BRA”). 2. A BRA is an important tool used to […]