AML AUDIT

AML Audits 2025

All financial services firms need to have an AML audit and should have this done at least annually. Not only is this a regulatory requirement, but also something that your banks and liquidity providers will expect to see.

AuthoriPay’s innovative approach to conducting AML audits will ensure that you meet your regulatory obligations quickly and efficiently. AuthoriPay are not only members of the APCC but also leaders of the UK’s Payments Association.

Who are our audits for?

Our audits are suitable for all financial services firms including:

Payment Service and Electronic Money Firms authorised by the FCA
Money Service Businesses regulated by HMRC for AML purposes
Annex 1 firms registered with the FCA
Crypto firms registered with the FCA

AML Audit process

Our audits can be conducted either remotely, or onsite over the following four stages:

Stage One: AuthoriPay will send the auditee a remote audit questionnaire (that has been designed to assess all aspects of AML/CTF regulation and compliance) which they will complete and return along with documented policies and procedures for review. AuthoriPay also ask, if possible, that the auditee provide a walk-through of their CDD procedures.
Stage Two: AuthoriPay will review the answers and supporting documentation from the questionnaire, along with any notes that have been made during the walk-through and provide the auditee with a gap analysis report. This report will provide recommendations for improvement (if any are found) which the auditee can incorporate into its controls in order to get a higher score on the final audit report.
Stage Three: The auditee will work through and implement any recommendations made by AuthoriPay in the gap analysis. If necessary, AuthoriPay can provide support to implement these recommendations
Stage Four: The auditee will resubmit any documentation that has been updated to evidence that recommendations have been implemented. AuthoriPay will re-assess the documentation and produce a final report containing findings along with red, amber and green ratings.

Scope

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
Any other areas requested by your bank or the regulator such as Senior Manager Interviews.

Timescales

With regards to each stage of the process the following timescales should apply:

Our remote AML audit is conducted in just 1 – 2 weeks.
If you request the more expensive onsite AML audit, this will take 2-3 weeks in total, depending on the complexity of your operations. We’ll only be onsite for one day normally.
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 is currently set at £4800 for a remote audit and £6600 for an onsite audit.