AML Audit

Why has my bank asked me for a third party audit?

Financial crime has increasingly become a focus of governments across the globe. The increasing oversight, regulation and associated legal consequences for wrongdoing are borne out of the recognition that financially motivated crime represents a substantial threat to economic development and stability. A decade ago acronyms like KYC (Know Your Customer), AML (Anti-Money Laundering), CTF (Counter-Terrorist Financing) and PEP (Politically Exposed Person) were not nearly as commonplace as today.

This has impacted heavily on financial services firms, who are increasingly obliged to implement numerous controls, which cover a wide variety of areas, not only so that they may mitigate any risk, but also remain compliant with a variety of legislation.

The compliance department of your bank have minimal interest in your profits,  they want to tick their boxes and ensure they are covered,  sometimes this means burdening you with new obligations to maintain your account

 

Any company that has insufficient controls can face any combination of fines, consent orders, loss of licence and even prosecution, not to mention reputational damage to both the company and its management team.  Nowadays deliberate dishonesty is certainly not the only pitfall, recklessness, ignorance or incomplete policies and procedures can be met with equally grave consequences.

Why are financial companies vulnerable to Financial Crime?

Due to the often-complex nature of financial services, detecting and preventing financial crime can seem like an almost insurmountable challenge. The threats are both domestic and international. They may come from within the organisation or outside it.

The victims may be your own firm, your customers or both.  The proceeds of crime are seldom generated in cash. The funds that are the target of the crime are typically already within the financial system but will need to be moved in order to complicate and obscure the audit trail

AuthoriPay offers compliance support and external audits to a raft of firms in the financial sector, with a focus on organisations for whom financial crime is particularly complex and demanding.

These include

  • Foreign-owned firms or firms with disparate offices and hubs.
  • Mid-sized and challenger Banks,
  • Payment Institutions
  • Emoney providers
  • Startups and new entrants too lean initially to have a dedicated compliance or AML officer.

Our independent financial crime audit gives you the following:

  • An evaluation of the effectiveness of the financial crime framework and recommendations for improvement (a requirement by law)
  • Demonstrability to regulators, banks or partners of a dedication to compliance.
  • A review of the completeness and competence of your current staff and policies.
  • Advice on key issues such as politically exposed persons (PEP) and sanctions compliance
  • The audit confirmation with contact details – to appease your bank or whomever may have requested it.

WHICH ALL ADDS UP TO

Peace of mind for shareholders, directors and senior-management. To discuss getting an efficient, fast and

affordable audit why not contact us today.

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