Every organisation’s potential exposure to IWT will be different depending on the location, nature and scale of their business. However, all financial institutions should incorporate strategic management frameworks to ensure they are not exposed to financial flows associated with IWT. The ‘model’ framework below is based on best practice and provides practical steps that Financial Institutions can follow to implement an effective set of controls against IWT.
Each panel contains guidance on why these procedures should be included within an organisation’s Strategic Framework, as well as examples of best practice. The panels also include further resources to help firms tailor the framework to their specific needs.