Managing Money Laundering and Terrorist Financing Risks: A Report on the Practices in the Fiduciary Sector

The Commission has published a report on its thematic review of the financial crime governance, risk and compliance frameworks within smaller firms within the fiduciary sector.  The Financial Crime Supervision and Policy Division report which focused on the controls in place to manage and mitigate money laundering and terrorist financing risks can be found here.

This thematic report confirms that most of fiduciaries surveyed understand the importance of financial crime governance, risk and compliance, but also reflects that a minority failed to factor into their compliance frameworks the risks specific to their business.