Anti-Money Laundering and Countering Financing of Terrorism Act 2009

59 Review and audit of risk assessment and AML/CFT programmes

(1)

A reporting entity (other than a high-value dealer) must review its risk assessment and AML/CFT programme to—

(a)

ensure that the risk assessment and AML/CFT programme are up to date; and

(b)

identify any deficiencies in the effectiveness of the risk assessment and the AML/CFT programme; and

(c)

make any changes to the risk assessment or AML/CFT programme identified as being necessary under paragraph (b).

(2)

A reporting entity (other than a high-value dealer) must ensure that its risk assessment and AML/CFT programme are audited every 2 years or during a different time period prescribed by regulations, or at any other time at the request of the relevant AML/CFT supervisor.

Section 59: replaced, on 11 August 2017, by section 29 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).