105. To develop a good understanding of the risks facing supervised entities, supervisors should maintain ongoing engagement with the private sector. ML/TF typologies evolve rapidly and the private sector may be able to detect these changes and inform supervisors. The private sector is likely to identify these changes before supervisors since they have direct contact with customers. On-going co-ordination between supervisors and other government authorities in their engagement with the private sector ensures clear messages are sent on expectations for risk management. In more recently regulated sectors, industry engagement should include education and awareness raising. Some of the features of a well-coordinated inter-agency and private sector dialogue system could include:

• Ongoing and regular dialogue between a range of government agencies (supervisors, law enforcement agencies and the FIU, for example) and a range of participants from regulated sectors. In some jurisdictions, this takes the form of standing consultation forums, conferences or committees. This provides an opportunity to discuss risks, and also supervisory guidelines or other developments. While the primary purpose of these events is not to provide specific feedback on an entity's compliance, they can help to raise awareness of common challenges and responses.