The purpose of a Risk Assessment is to identify, measure, monitor and control risks.
Risk Assessments seek to uncover risks to our Client’s in light of the UK laws relating to: Anti-Money Laundering, Terrorist Financing, Anti Bribery & the Proceeds of Crime Act 2002.
We group the key areas of risk into three categories:
- Clients and
The first step of the Risk Assessment is for the Client to provide preliminary answers to Corinth’s Risk Assessment Questionnaire.
Corinth and the Client will then review, discuss and finalize the responses.
The Final Risk Assessment provides a written summary of the process undertaken and identifies specific areas of risk for the Client in relation to the AML Laws.
Corinth will also supervise annual updates of a Client’s initial Risk Assessment.
The annual Risk Assessment uncovers changes to the nature and degree of risk, depending on the changes to the Client’s business.
The updated Risk Assessment may require modification to the Policies, Controls & Procedures that should be incorporated into the annual refresher training.
AML Policies, Controls & Procedures Considering the results of the Risk Assessment, Corinth creates for our Clients bespoke AML Policies, Controls & Procedures consistent with the UK laws relating to: Anti-Money Laundering, Terrorist Financing, Anti Bribery & the Proceeds of Crime Act 2002 (the “AML Laws”). As such, the Policies,…
Her Majesty’s Revenue & Customs (HMRC) Registration Corinth will explore whether an art market participant qualifies for registration with HMRC. If so, Corinth will review with the client whether they have fulfilled their obligations to satisfy registration requirements. Corinth will then guide the Client in their registration application. For Clients…