Apr 12, 2024
Since 1 April 2023, all firms in the regulated sector have been
required to carry out proliferation financing (PF) risk
assessments.
This applies to all regulated entities, from law firms to financial
services, casinos to cryptocurrency.
Regulated entities can create a new risk assessment on
proliferation financing or incorporate PF risks into existing AML
and terrorist financing risk assessments. However, regulators
expect firms to take action to understand the risk of PF and how to
mitigate it in their business. Failing to do so can result in a
breach of the Money Laundering Regulations.
One year into this new requirement on the regulated sector, how
effective have the new regulations been? What are the key
strategies for compliance, and what are the best practice tips for
ensuring PF obligations are met? In this episode, we’ll look at the
issue of proliferation financing in detail, discuss strategies for
compliance, and share best practices for understanding and
mitigating PF risks.
This one-hour session will cover:
- What proliferation financing is and the jurisdictions and
industries at risk
- The differences and similarities between proliferation financing,
money laundering and terrorist financing
- Practical examples of how proliferation financing can happen
- Proliferation red flags and high risk indicators
- Strategies and technologies to counter the risk of proliferation
financing
- How to undertake a proliferation financing risk assessment