Whether your client completes a Digital Onboarding invitation or you onboard them manually within movebutler, a Personal Risk Assessment must be completed.
The answers provided during the risk assessment are used to calculate the client's overall risk level, which will be assigned as Low, Medium, or High.
The risk level is generated automatically based on answers and cannot be changed manually.
Vendor Risk Assessment
The Vendor Risk Assessment consists of seven Yes or No questions, which are used to determine the client's overall AML risk level.
The questions are:
- Is the instructing person an owner/occupier, executor, or do they have Power of Attorney?
- Was this individual met in person?
- Is this a Buy to Let property?
- Is the property valued at over £1 million?
- Is the client a UK resident?
- From a money laundering perspective, is there anything unusual or suspicious about this transaction or individual?
- Has the property been owned for 12 months or more?
Some of these questions will already be answered automatically and cannot be edited, based on the information entered when the vendor was added. These include:
- Is the instructing person an owner/occupier, executor, or do they have Power of Attorney? – This is populated from the Capacity selected when the client was added.
- Is the property valued at over £1 million? – This is based on the property's marketing price.
- Is the client a UK resident? – This is determined from the correspondence address entered for the client.
Depending on your responses to the initial seven questions, you may be asked to complete up to three additional questions.
These questions are used to determine whether there are any additional risk factors that could increase the client's overall AML risk level.
The additional questions are:
- For your business, is this a more complex or unusually large transaction than normal?
- Is the buyer a UK or EU resident?
- Are there any other factors that might indicate this is a high-risk situation?
Vendor Risk Flow Chart
Buyer Risk Assessment
The Buyer Risk Assessment consists of six Yes or No questions, which are used to determine the client's overall AML risk level.
The questions are:
- Is the buyer an individual resident in the UK?
- Was this individual met in person?
- Has the buyer viewed the property?
- Is this a Buy to Let property?
- Is the property valued at over £1 million?
- From a money laundering perspective, is there anything unusual or suspicious about this transaction or individual?
Some of these questions will already be answered automatically and cannot be edited, based on the information entered when the buyer was added. These include:
- Is the buyer an individual resident in the UK? – This is determined from the correspondence address entered for the client.
- Is the property valued at over £1 million? – This is based on the property's purchase price.
Depending on your responses to the initial six questions, you may be asked to complete up to three additional questions.
These questions are used to determine whether there are any additional risk factors that could increase the client's overall AML risk level.
The additional questions are:
- For your business, is this a more complex or unusually large transaction than normal?
- Is the buyer a UK or EU resident?
- Are there any other factors that might indicate this is a high-risk situation?
Buyer Risk Flow Chart
Company Risk Assessment
The Company Risk Assessment consists of five Yes or No questions, which are used to determine the client's overall AML risk level.
The questions are:
- Is the organisation a publicly owned body or public authority?
- Is the organisation regulated under money laundering regulations?
- Is the organisation listed on the London Stock Exchange?
- Is the organisation a European community institution?
- Is the organisation a pension scheme?
Depending on your responses to the initial five questions, you may be asked to complete up to six additional questions.
These questions are used to determine whether there are any additional risk factors that could increase the client's overall AML risk level.
The additional questions are:
- Is the organisation business based in the UK?
- Does the organisation only operate within the UK?
- Is the organisation a company with nominee shareholders?
- Does the organisation's company have an unusually complex structure?
- For your business, is this a more complex or unusually large transaction than normal?
- From a money laundering perspective is there anything unusual or suspicious about this transaction or individual?
Company Risk Flow Chart