Phase 1 Sector Risk Assessments

The Department of Internal Affairs (DIA) has issued its Phase 1 Sector Risk Assessment for reporting entities it supervisors, this follows the Financial Markets Authority (FMA) Sector Risk Assessment issued in July 2017 for its reporting entities. Reporting entities that are supervised by the DIA or the FMA should read their respective Sector Risk Assessments and update their documents accordingly.  

This Sector Risk Assessments states that reporting entities should read the Executive Summary along with their specific risk assessment that relates to their industry. AML Partners recommends that reporting entities undertake the following so that documents, controls and staff are kept up to date:

  • Read the Sector Risk Assessment – Executive Summary and specific risk assessment that relates to your industry;

  • Review your Risk Assessment and AML/CFT Programme to address (controls, policies and procedures) the risks identified in the Sector Risk Assessment;

  • Update your version history to record the changes made to your Risk Assessment and AML/CFT Programme;

  • Circulate to staff and provide training;

  • Update training registers.

Read DIA Sector Risk Assessment here.

Read FMA Sector Risk Assessment here.

NationalDean Crowle