Objective
The project’s objective was to come up with a full-fledged tool, which allows companies to audit and document, whether they fall under section 2 of the Money Laundering Act (GWG). It then was intended to develop a specific risk analysis questionnaire, which instructs companies, that are liable by the Money Laundering Act to gather and assess their specific risks regarding money laundering and financing of terrorism. The findings of the risk assessment had to be documented according to the requirements of BaFin regulators.
Execution
The project’s objective was to come up with a full-fledged tool, which allows companies to audit and document, whether they fall under section 2 of the Money Laundering Act (GWG). It then was intended to develop a specific risk analysis questionnaire, which instructs companies, that are liable by the Money Laundering Act to gather and assess their specific risks regarding money laundering and financing of terrorism. The findings of the risk assessment had to be documented according to the requirements of BaFin regulators.
The risk analysis questionnaire provides a means for risk evaluation and the planning of the assessment of preventative and safeguard measures. In a subsequent step, the questionnaire – in accordance with data protection regulations – will be migrated to a separate database and domain.
Result
By means of the questionnaire businesses can assess and verify, if they are obliged parties in regard to the Money Laundering Act (GWG). To money laundering officers of liable insurance companies, the questionnaire serves as a tool for a regular assessment of money laundering risks and the annual audit and alignment of safety measures.