Regulation 14

take appropriate steps to identify, assess and understand the risks of money laundering, terrorism financing and proliferation financing in relation to —

the regulated dealer’s customers;

the countries or jurisdictions which the regulated dealer’s customers are from or in;

the countries or jurisdictions in which the regulated dealer has operations; and

the regulated dealer’s products, services, transactions and delivery channels;

for the purpose of sub‑paragraph (a) —

document the risk assessments;

consider all relevant risk factors before determining the overall level of risk and the appropriate type and extent of mitigation to be applied;

keep the risk assessments up to date; and

provide the risk assessments to the Registrar upon request;

develop and implement internal policies, procedures and controls, which must be approved by its senior management, to manage and effectively mitigate the risks of money laundering, terrorism financing and proliferation financing identified by it or notified to it by the Registrar, including —

making appropriate compliance management arrangements, including the appointment of a compliance officer; and

applying adequate screening procedures when hiring employees;

take enhanced measures to manage and mitigate the risk of money laundering, terrorism financing or proliferation financing, where higher risks are identified;

have an ongoing programme to train employees on the internal policies, procedures and controls in sub‑paragraph (c); and

monitor the implementation of the internal policies, procedures and controls in sub‑paragraph (c), and enhance them if necessary.