AML AUDIT
Under the Money Laundering Regulations 2017, Financial Services Firms are required to have independent audits on their AML Controls. In addition to this, many banks will also insist that the firms they provide services for have an annual audit on their AML framework. With the implementation of 5MLD, firms will need to tighten their controls further still.
AuthoriPay offers an independent AML audit, which gives firms the following:
– An evaluation of the effectiveness of the AML framework and recommendations for improvement
– Demonstrability to regulators, banks or partners of a dedication to compliance.
– A review of the completeness and competence of your current staff and policies.
Scope
The objective of this audit is to:
1 – Assess the quality of the firm’s existing financial crime controls
2 – Identify gaps where they exist
3 – Make recommendations for practical steps to be taken to close those gaps
When conducting the audit, we cover not just AML, but also Counter-Terrorist Financing and Financial Sanctions. We focus on all aspects of compliance including:
– Customer Due Diligence (CDD, KYC, Ongoing monitoring)
– Suspicious Activity Reporting
– PEPs, Sanctions sceening
– Enhanced Due Diligence
– Internal controls and governance
Our approach is as follows:
-A questionnaire will be sent to the firm, who will complete and return it, along with any requested documentation, back to AuthoriPay. This will be used for a desktop review of the controls and documentation
-An onsite audit to examine first-hand the firm’s operations
-Write up a structured report of our findings
-Present final report back to the firm with our conclusions and recommendations for improvement
Timescales
With regards to each stage of the process the following timescales should apply:
-The desktop review will take up to 1 working day to complete
-The onsite audit will take 1 – 3 days to complete depending on the complexity of the situation
-The Initial report will take 1 day to prepare
Fees
Our Fees are below market rate yet our consultants are exceptionally experienced and well qualified. Pricing will depend on the scale and location of your operations and whether you require an onsite or desktop audit.
Other Services
AuthoriPay also offers the following other services:
Get in touch
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AuthoriPay Ltd, Milton Hall, Ely Road, Cambridge, CB24 6WZ
+44 (0) 1223 82 82 66
contact@authoripay.co.uk