Ed Shorrock, Director, Channel Islands Regulatory Consulting at Duff & Phelps, will be speaking as part of BPP’s Anti-Money Laundering (AML) CPD Series. The event takes place on 4 September.
Ed will speak on the topic of “Countering the financing of terrorism – what areas should an effective Business Risk Assessment (BRA) consider when managing this risk?”
The discussion will focus on:
- What can be learned from Financial Action Task Force (FATF) guidance on the topic and how the National Risk Assessment process can assist firms in aligning their risk management processes with national approaches; and
- The extent to which firms should consider external drivers such as legal, political, economic and social factors and how they interact with their own exposures arising from their customer base. For instance: The nature of their customers, the products and services which they offer, the jurisdictions which they target and the delivery channels through which products and services are provided.
Terrorist financing has become an increasingly key topic for legislators, regulators and international supervisory bodies and the seminar will be important for all professionals in the finance industry who may need to learn more about identifying and managing this risk, including money laundering compliance officers, money laundering reporting officers, anti-financial crime specialists, regulators, compliance professionals, directors and those working in risk management.
Ed commented ahead of the seminar:
“Terrorist financing is frequently viewed as an afterthought by firms in the context of AML/Countering the Financing of Terrorism (CFT) frameworks. FATF and MONEYVAL have made it quite clear that terrorist financing must be explicitly considered in risk assessments and the new AML/CFT GFSC Handbook requires firms to consider it in Business Risk Assessments notwithstanding any delay in the Island’s National Risk Assessment. Whether unwittingly or not, being connected in any way to cases of terrorist financing is likely to cause significant reputational harm to both a firm and the island, so firms should be aware of the risks presented.”
Chris Usher, Global Head of AML and Financial Crime Education at BPP Professional Education, added:
“Following the continued risk of terrorist atrocities around the world we all have a part to play in reducing the likelihood of financing attacks through the provision of financial services. Identifying monies linked to terrorism can help reduce the chances of an attack being successful, or in the devastating aftermath of an attack, lead to more effective investigation by the authorities. Financial services businesses in Guernsey must play their part in managing the risk of the financing of terrorism and this seminar will support them in their understanding of the key issues.”
Further information on the event and booking details for anyone wishing to attend can be found here: https://www.bppci.com/courses/course_details/1695