Independent AML Audit Services for Banks and EMIs

Reasons why business needs independent anti-money laundering audit

• It helps to understand whether processes work the way they are designed and documented. In other words – do the daily operations meet internal policies & procedures, regulatory requirements, local and the best international practise.
• It helps to evaluate whether the company dedicates enough resources and staff to protect money laundering. Convincing management and (or) supervisory body that you need additional team members sometimes might be hard, but the results of the audit can be your undeniable argument.
• It helps to identify how processes can be improved to ensure compliance. We also issue recommendations to make improvements before regulator pays a visit.

Scope of the AML Audit

• Review of AML policies and procedures. The review allows the MLRO to evaluate the effectiveness of the companies’ AML policies and procedures. This includes assessing whether all employees are aware of these policies and procedures and whether all employees are actively complying with these policies and procedures.
• Evaluation of customer due diligence (CDD) and know your customer (KYC) processes. The evaluation provides an opportunity to assess the customer due diligence procedures carried out by the company. This involves carrying out a review of files and documents, ensuring that the correct level of risk has been deduced, and that the correct level of customer due diligence is applied.
• Examination of transaction monitoring systems. Transaction monitoring is critical to any fintech’s AML efforts. Institutions can effectively detect and prevent fraudulent and illegal financial transactions by analysing and tracking customer transactions for suspicious activity.
• Assessment of suspicious activity reporting (SAR) processes. The Suspicious Activity Report (SAR) is a critical tool in combating financial crimes and ensuring the integrity of the financial system. Fintechs play a crucial role in identifying and reporting suspicious activities that may indicate potential money laundering, fraud, or other illicit activities. Any detected suspicious activity should be promptly reported through a suspicious activity report to combat potential money laundering or fraudster activities.
• Review of employee training programs. When it comes to combating the risks of money laundering and financial crime, AML training for employees is of high importance. Every employee within fintech institution should have a working knowledge of the AML process, as it plays a crucial role in maintaining regulatory compliance and safeguarding against illicit activities.
• Evaluation of the fintech’s AML risk assessment. Regulators and partners of financial institutions expect your fintech organization to have a BSA/AML risk assessment documented. Demonstrating compliance through your risk assessment can make you a more appealing partner and more trustworthy in the eyes of potential customers.

AML audit Services provided by ECOVIS ProventusLaw:

• Evaluation of due diligence measures that are applied to detect and combat money laundering.
• Assessment of the adequacy and effectiveness of the firm’s AML policies, controls and procedures.
• Comprehensive review and assessment of transaction monitoring-related systems and controls to identify areas of non-compliance, and opportunities to enhance effectiveness.
• Assessment of the fintech’s policies, procedures, and processes, and overall compliance with statutory and regulatory requirements for monitoring, detecting, and reporting suspicious activities.
• Review of the existing AML training programs to helps firms maintain a robust compliance framework and ensure that employees have the knowledge and skills necessary to combat money laundering and financial crimes.

ECOVIS ProventusLaw experts help to mitigate your risks before they impact your business, reach out to to discuss how to identify and address your biggest BSA and AML risk areas. Conducting an independent AML audit is essential for maintaining an effective AML compliance program within the fintech institution. It helps ensure adherence to regulatory requirements, enhances risk management, and improves the overall effectiveness of the bank’s AML efforts. Regular independent audits demonstrate a bank’s commitment to preventing money laundering and other financial crimes.

More services:

Know Your Customer (KYC)

ML / TF Risk Assessment

Internal Policies, Procedures and Controls

Compliance Officer and AML Team 

AML Training

Clients’ reviews and testimonials

ECOVIS has carried out an internal AML audit which was aimed at evaluating the internal regulations and procedures in this field and their compliance with the applicable legislation. During the audit, we received an assessment of the processes already in place, process improvement opportunities as well as practical advice on the implementation of legal requirements in our company’s activities taking into account the nature of our services. Therefore, we can state that the audit has been carried out professionally and it already has practical benefits in improving the company’s activities in the field of AML.

CEO of OPAY solutions

ECOVIS ProventusLaw carried out an AML audit in a professional and high-quality manner. The auditors took our business model into account, looked at the processes applied and IT systems used, therefore, their findings and recommendations had some added value. We also received very useful insights that would allow better implementation of AML requirements in our daily activities.

Compliance Head of NIUM EU

Recently, an independent AML/CTF audit has become almost a necessity rather than a luxury for any company providing financial services. We are glad that our partner ECOVIS ProventusLaw has agreed to provide such service to us and, despite having a very limited period of time, everything has been done in a timely and high-quality manner. I would like to emphasize the experience and professionalism of ECOVIS ProventusLaw employees who have provided this service as well as their communication skills, ability to provide proper grounds for findings, hear out and accept reasoned arguments. We strongly recommend ECOVIS ProventusLaw AML audit service to all market participants.

CEO of Via Payments

The audit of money laundering and terrorist financing prevention carried out by Ecovis ProventusLaw’s professionals helped to take a critical look at the compliance of our ML/TF prevention control procedures with the legislation. Experienced professionals timely performed all tasks agreed in advance and also helped to set the actions preventing from future shortcomings.

Compliance Officer of Elektroninių mokėjimų agentūra