ARTICLE · 25 JANUARY 2023

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Your Next Business Risk Assessment Review: Useful Tips

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In terms of Article 5(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations ("PMLFTR"), each subject person is required to "to identify and assess the risks of money laundering...

MaltaGovernment, Public Sector

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In terms of Article 5(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations ("PMLFTR"), each subject person is required to "to identify and assess the risks of money laundering and funding of terrorism that arise out of its activities or business, taking into account risk factors including those relating to customers, countries or geographical areas, products, services, transactions and delivery channels and shall furthermore take into consideration any national or supranational risk assessments relating to risks of money laundering and the funding of terrorism". This obligation translates into having a business risk assessment ("BRA") assessing, as a minimum, the money laundering and funding of terrorism risks of the subject person.

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