SARAS published Guide on AML/CFT Risk Assessment and Management

The Guide on AML/CFT Risk Assessment and Management has been approved on the basis of subparagraph ‘b1’ of Article 20(9) of the Law of Georgia on Accounting, Reporting and Auditing and Articles 4(a), 8 and 38(5) of the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing. 

The Guide serves two main purposes: it provides methodological assistance to obliged entity in creating an effective ML/TF risk assessment framework and supports SARAS’s oversight role in ensuring compliance and effective implementation. 

Given the absence of a universal model for ML/TF risk assessment and management, the guide offers practical tools to assist obliged entities in adapting existing regulatory requirements. It helps them consider existing supervisory expectations in the process of developing and implementing risk assessment models and management systems tailored to their specific needs. 

The guide is developed in accordance with the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing and aligns with standards and recommendations from the Financial Action Task Force (FATF), European Union directives, and other relevant international organizations.