AML 5.2.1 AML 5.2.1
Relevant Personmust:(a) establish and maintain effective policies, procedures, systems and controls to prevent opportunities for money laundering in relation to the Relevant Personand its activities;(b) ensure that its systems and controls in (a):(i) include the provision to the Relevant Person'ssenior management of regular management information on the operation and effectiveness of its AML systems and controls necessary to identify, measure, manage and control the Relevant Person'smoney laundering risks;(ii) enable it to determine:(A) whether a customer or a Beneficial Owneris a Politically Exposed Person(PEP); and(B) if it provides a customer with a life insurance or other similar policy, whether a beneficiary of the policy, or a Beneficial Ownerof the beneficiary, is a PEP; and(iii) enable the Relevant Personto comply with these Rules and Federal AML legislation; and(c) ensure that regular risk assessments are carried out on the adequacy of the Relevant Person'sAML systems and controls to ensure that they continue to enable it to identify, assess, monitor and manage money laundering risk adequately, and are comprehensive and proportionate to the nature, scale and complexity of its activities.
AML 5.2.1 Guidance
In Rule 5.2.1(c) the regularity of risk assessments will depend on the nature, size and complexity of the
Relevant Person'sbusiness and also on when any material changes are made to its business.