It is a legal requirement for employers to have a risk assessment policy in place if they have employed five or more people. Firms regulated by the MLR regulations must also assess the risk of their business being exploited by money launderers, various risk assessment approaches may be undertaken, while HMRC recommends a risk-based approach to be given priority over other approaches. The risk assessment policy must always be documented.

If you are in business and require a risk-assessment policy that is tailored to your business needs and requirements, then please contact SEARS Accountants. Our experienced team will assess the risk of money laundering that your business is exposed to and recommend how to eradicate those risks.