Webinar highlights TCSP thematic review

A webinar has been published online to raise further awareness of the findings of the recent thematic review relating to Trust and Corporate Service Providers (“TCSP”).

The recording highlights the results and learning points from the two core phases of the project, which tested the effectiveness of licenceholders’ Business Risk Assessments (“BRA”).

A BRA is an important part of a firm’s compliance and risk management framework to help detect and prevent money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

Phase one focused on data collection and analysis, with a BRA questionnaire being issued to 106 TCSPs, while phase two saw desk-based inspections conducted on 70 selected firms.

The webinar builds on the published reports by explaining the background and key findings from the thematic review, as well as examples of best practice and the Authority’s observations.

All firms are encouraged to watch the webinar and consider any action necessary to ensure their own risk-based compliance regimes in relation to BRAs are effective, up-to-date, and properly documented.