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Firm Wide Risk Assessments

This risk assessment identifies money laundering risks for TDV Associates Ltd, a small UK accountancy firm serving nail salons and other small businesses. The firm has 11 employees and earns over £600,000 annually providing tax, accounting, and payroll services to clients who are small, UK-based businesses. The risk assessment finds the firm's risks to be normal due to clients' small transactions and geographic location entirely within the UK. Mitigation strategies include staff training and verifying clients' identities and business activities.

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Vu Nguyen Anh
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242 views3 pages

Firm Wide Risk Assessments

This risk assessment identifies money laundering risks for TDV Associates Ltd, a small UK accountancy firm serving nail salons and other small businesses. The firm has 11 employees and earns over £600,000 annually providing tax, accounting, and payroll services to clients who are small, UK-based businesses. The risk assessment finds the firm's risks to be normal due to clients' small transactions and geographic location entirely within the UK. Mitigation strategies include staff training and verifying clients' identities and business activities.

Uploaded by

Vu Nguyen Anh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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FIRM-WIDE RISK ASSESSMENTS

TDV Associates Ltd trading as ToDi & Co


Overview
This risk assessment identifies and assesses the money laundering risks that ToDi & Co faces when they carry out their company activities as a small
accountancy firm. The clients of the firm are small nail salons based in the UK.

Company profile
 Small company with 11 staffs.
 Total firm annual income is over £600,000.
 Services – Tax consultant and Accountancy services including: Personal and company Tax, account and payrolls for small sole trader, limited company
and partnership
 Clients – small business mainly nail salon and other type of business
 Location – all clients are based in the UK.

Money laundering reporting officer (MLRO): Ms Diem Nguyen

Risk factor Summary of firm Assessment of risk Mitigating actions


Clients Small nail salons and other type of Risk is normal. Perform standard CDD to verify
business client identity and business
All of our clients are based in the UK. They are activities.
small nail salons providing beauty services to
UK customers or restaurant, takeaway. Whilst Provide staff with training on where
accepting cash as payment is common risk of money laundering arises and
practice, money transactions are in small relevant case studies
amounts (£30 on average). Many of our clients
are now moving to taking card payments. I approve all new clients and would
be aware of any PEPs.
We don’t have any individual high net-worth
client. We don’t have any PEP.
Services Prepare accounts Risk is normal. Provide staff with training on where
risk of money laundering arises and
We are aware of the risks associated with relevant case studies.
incomplete records.
Tax returns Risk is normal. Provide staff with training on where
risk of money laundering arises and
We don’t provide risk planning services. relevant case studies.

Payroll Risk is normal. Provide staff with training on where


risk of money laundering arises and
We process payroll calculations and advise our relevant case studies.
clients of the amounts to pay their staff.

Employee benefits Risk is normal. Provide staff with training on where


risk of money laundering arises and
relevant case studies.

Company formation Risk is normal. Provide staff with training on where


risk of money laundering arises and
We are aware that criminals may use our relevant case studies.
services to provide credibility to their business

Geography All clients are based in the UK Risk is low Perform CDD to confirm client
identity and business location.
All clients are based in the UK with business
activities carried out in the UK. There is no
connection to other countries.

Transactions Client normal account Risk is normal. Perform CDD to confirm client
identify and business activities.
Account is used for tax refunds only.
Firm’s office account Risk is normal. Provide staff with training on where
risk of money laundering arises and
Our income is from UK based clients and bills relevant case studies.
are settled from UK bank accounts or face to
face payments by cash. Our clients receive our bank account
details on our invoice.
Delivery channels Face to face Risk is low. We only accept clients that we have
met.
We deal with all of our clients face to face. We
regularly meet with our clients at our office.
We do communicate on the phone and email.
Delivery of documents is mainly by post.
Other None identified

Actions Delivery Date Owner


Money laundering awareness course for all staff 01/04/2020 Diem Nguyen

Signed:
Dated: 01/04/2020

Next review date: 01/04/2021

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