Low Cost AML Audits for Canadian MSBs

AML Audits for Canadian MSBs & FMSBs

FINTRAC requires all MSBs and FMSBs to conduct an effectiveness review of their AML controls at least every two years. 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 all of your regulatory obligations quickly and efficiently. AuthoriPay are an industry recognised specialists in this area as well as being advisory members of the Canadian MSB Association.

Who are our audits for?

Our audits are suitable for all Canadian MSBs and FMSBs including:

Money remittance firms
Virtual currency dealers
Foreign exchange dealers
Firms providing crowdfunding platform services
Firms issuing or redeeming money orders, traveller’s cheques or anything similar

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:

Compliance program
Know your client, including Enhanced Due Diligence
Transaction reporting
Record keeping
Travel rule
PEPs and Sanctions screening

Timescales

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

Stages one and three are conducted by the auditee at their own discretion.
Stages two and four are conducted by AuthoriPay and typically take 1 week per stage to complete.
The whole process usually takes approximately 4 weeks from start to finish (this is an estimate only).

Fees

Our Fees are below market rate yet our consultants are exceptionally experienced and well qualified. Pricing is currently set at C$ 8,800 for a remote audit and C$ 13,200 for an onsite audit.