The National Risk Assessment – What now for Subject Persons? Information Session by the NCC and the FIAU

Past Events

The National Risk Assessment (‘NRA’) is of major importance in the understanding and assessment of the money laundering and terrorist financing (‘ML/TF’) risks faced by subject persons.  The recent publication of the results of the 2023 NRA is therefore a trigger event for subject persons to revisit their understanding of what ML/TF risks they are exposed to and, where necessary, adopt additional mitigating measures as part of their internal policies and procedures.

To further assist subject persons in this regard, the National Coordinating Committee (‘NCC’) and the Financial Intelligence Analysis Unit (‘FIAU’) held three sessions, each dedicated to a particular category of subject persons, to explain the process and methodology underlining the NRA and how the results are to be factored into their risk assessment and understanding processes.

The said sessions were held on Monday, 12 February, 2024 at the Xara Lodge in Rabat as follows:

  1. Session No 1 (08:30 – 11:30) – This session was dedicated to the financial services sector, i.e. banks, financial institutions, investment services providers and collective investment schemes, insurance undertakings and intermediaries, and retirement pension schemes’ service providers.
  2. Session No 2 (12:00 – 15:00) – This session was dedicated to the designated non-financial businesses and professions sector, i.e. trustees, fiduciaries and corporate service providers, accountants and auditors, notaries, real estate agents and lawyers.
  3. Session No 3 (15:30 – 18:30) – This session was dedicated to the gaming sector, both land-based and remote operators, and virtual financial asset service providers.

 

Kindly find the agendas here below.

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