AML Audits provide an independent review of how well the policies, procedures and controls protect a business from a compliance breach occurring.
The auditor will examine the key criteria of an AML/CFT compliance framework and provide a written report expressing an opinion of the strengths and weaknesses. Where weaknesses are detected, recommendations will be made on how the business can improve its overall compliance status.
The primary areas that an auditor will examine include, (a) the business risk assessment, (b) customer onboarding, (c) staff training, (d) ongoing monitoring, (e) management reporting and (f) reviews of compliance systems.
AML audits are the best tool to protect a business from an AML/CFT compliance breach. Business owners should therefore consider an AML/CFT audit as an investment and not an unwanted cost.
When an auditor examines strengths and weaknesses of an AML/CFT compliance framework, they will consider: