The data required to be reported within the REQ is substantive and thus the process requires substantial planning and coordination.
Subject Persons are required to compile a sector-specific Risk Evaluation Questionnaire (REQ) which contains information and data on their activities or business undertaken during the prior calendar year. The REQs submitted by Subject Persons across various sector aid the FIAU in prioritising, in a risk-based manner, where to focus its off-site and onsite supervisory efforts.
We can assist subject persons in the collation of information required within the annual REQs and conduct quality reviews before their submission.
The REQ process is another opportunity for the Company to identify gaps and areas of weaknesses within its AML framework. We may assist in the management and remediation thereof.
The Subject Person Profile is also expected to be updated on CASPAR annually. This includes the uploading of a Business Risk Assessment (BRA).
Want to know more?
Alan Craig Advisory Partner Birkirkara
