AML AUDIT

Authoripay’s rapid AML audit service helps you meet all regulatory requirements of 2024 quickly and easily.

Emoney and Payment Institutions receive expert practical feedback from seasoned professionals – who are APCC members.

Whether it’s a remote AML audit of your procedures that your bank has requested, or an AML audit for a liquidity provider or regulator, we are the prefect partner.

Under the current Money Laundering Regulations, Financial Services Firms must conduct regular independent audits on their AML Controls and annual audits on their safeguarding procedures. In addition to this, many banks will also insist that their account holders have an annual audit on their AML framework.

With the implementation of 6MLD, firms will need to tighten their AML controls further still.

AuthoriPay offers an independent AML audit, which gives firms the following:

An initial audit, with time and assistance to improve prior to the final audit report.
Demonstrability to regulators, banks or partners of a dedication to compliance.
A review of the completeness and competence of your current policies and procedures.
All our audits conducted by professional APCC / ICA Members with GRC Diplomas.
Pricing 33% below the industry average.
High Quality service and Emergency AML audit service available providing an AML audit report within one week for Payment, Emoney and Crypto Firms.

Scope

The objective of the AML audit is to:

Assess the quality of the firm’s existing financial crime controls
Identify gaps where they exist
Make recommendations for practical steps to be taken to close those gaps

While it’s refered to as an AML 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 screening
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 AML 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 week to complete.
The onsite AML audit will take 1 – 3 days to complete depending on the complexity of your operations.
The Initial report will then take up to one week 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.