The Authority for Anti-Money Laundering and Countering the Financing of Terrorism has launched a consultation on draft standards that would give supervisors a shared methodology for assessing money laundering and terrorist financing risk across non-financial sector businesses. The aim is to ensure that similar businesses are assessed on the same basis wherever they operate and to help supervisors allocate resources according to the level of risk. The draft standards are designed to be proportionate across different types of business activity. They set different data points for different sectors, with the focus tailored to the risks of each activity, and require smaller entities to report fewer data points than more complex firms. To reduce reporting costs, supervisors are also expected to use existing data where possible, and the authority is seeking further ideas on how to limit burdens on small entities and national supervisory authorities. A public hearing is scheduled for 10 September 2026, and the methodology would apply from 31 December 2028.
Authority for Anti-Money Laundering and Countering the Financing of Terrorism2026-07-13
Authority for Anti-Money Laundering and Countering the Financing of Terrorism launches consultation on draft standards for consistent risk assessment of non-financial businesses
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism has consulted on draft standards for a common methodology to assess money laundering and terrorist financing risk in non-financial businesses. The standards tailor data requirements by sector and size, with fewer reporting points for smaller entities and use of existing data where possible. The methodology would apply from 31 December 2028.