MONTHLY AML SUPPORT

It’s increasingly common for banks to request that the financial services firms to whom they provide services, seek independent ongoing support to ensure that their AML controls remain robust and that employees adhere to the necessary controls. AuthoriPay provides a level of ongoing support, which ensures firms remain compliant and provides piece of mind to the banks.

Scope

We can provide ongoing support in the form of a monthly onsite visit, which would take a two-prongued approach of compliance Monitoring and Independent Audit:
For Compliance Monitoring, a monthly report is produced in which sample files, reports and logs are reviewed to ensure that employees have adhered to the agreed controls.

For the independent audit, a monthly report will be produced in which existing cotrols are reviewed and feedback is presented as to whether they remain robust, or require improving.

In addition to this, AuthoriPay will conduct the following:
– An annual AML Business Wide Risk Assessment, which is a legal requirement and will be used to inform the controls that a firm must implement. The results of this will be presented to senior management for review
– Assistance will be provided to the MLRO to draft the annual MLRO report
– Unlimited remote assistance to provide guidance on varuous issues such as suspicious activity reporting

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