INDEPENDENT AML AUDIT. INDEPENDENT AML TESTING
Every company wants to be sure about good financial standing, therefore completes financial audit without hesitations. However, when it comes to independent AML audit, probably more time is spent arguing whether it is really needed than completing it. But why do you need an independent AML audit?
Reasons Why Business Need AML Audit
First, it helps you to understand whether processes work the way they were designed. In other words – do the actions match paperwork.
Second, it is an opportunity for you to evaluate whether you have enough of staff. Convincing management and (or) supervisory board that you need additional AML team members sometimes might be hard, but the results of the audit can be your undeniable argument.
Third, independent auditors are interested in showing things as they are rather than making something look better than it is. Such approach helps you to identify gaps and make improvements before regulator pays a visit. Auditor’s main purpose is to show you where and how to improve operations rather than give a fine as does regulator.
– Perform independent AML audit.
– Perform thematic review(s).
Lawyer, attorney at law, partner of the law firm, CIPP/E.
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