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Duration
1 hour
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AML 103.D – Business Risk Assessment and AML/CFT Programme Oversight in Precious Metals and Stones
This course builds on foundational AML/CFT knowledge and focuses on how dealers in precious metals and stones assess and manage risk at a business level. It provides a detailed understanding of the Business Risk Assessment (BRA), including how inherent and residual risks are identified and evaluated.
The course also examines how the outcomes of the BRA are applied within an AML/CFT programme, including the design, implementation, monitoring, and ongoing oversight of systems and controls. Emphasis is placed on senior management responsibility, programme effectiveness, and maintaining compliance over time in line with Cayman Islands regulatory expectations.
Topics to be covered:
The course also examines how the outcomes of the BRA are applied within an AML/CFT programme, including the design, implementation, monitoring, and ongoing oversight of systems and controls. Emphasis is placed on senior management responsibility, programme effectiveness, and maintaining compliance over time in line with Cayman Islands regulatory expectations.
Topics to be covered:
• Role and purpose of the Business Risk Assessment
• Identification of risk factors within the business
• Assessment of inherent and residual risk
• Application of the BRA to AML/CFT systems and controls
• Development and documentation of AML/CFT programmes
• Senior management responsibilities and accountability
• Monitoring, review and updating of AML/CFT systems
• Compliance and audit functions within the business
• Management information and internal reporting
• Interaction with supervisory authorities and maintaining an effective AML/CFT framework.
• Identification of risk factors within the business
• Assessment of inherent and residual risk
• Application of the BRA to AML/CFT systems and controls
• Development and documentation of AML/CFT programmes
• Senior management responsibilities and accountability
• Monitoring, review and updating of AML/CFT systems
• Compliance and audit functions within the business
• Management information and internal reporting
• Interaction with supervisory authorities and maintaining an effective AML/CFT framework.
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