February 28, 2024

Independent AML Audit with AML checked

Explore AML checked's meticulous process for Independent AML Audits: from scoping to certification, ensuring thorough compliance review.

Considering AML checked for your next Independent AML/CFT Audit? Before proceeding, it's crucial to understand the AML checked process. In this piece, we'll outline the step-by-step approach AML checked employs for an Independent Audit.

Defining the scope

At the outset, initiating with a free consultation allows for a thorough discussion of your requirements and the reasons for the audit, be it a regular review, a regulatory request, or a third-party requirement. This initial interaction also enables AML checked to define the scope and prioritize testing through a risk-based analysis, ensuring that the audit aligns precisely with your needs.

Execution of Standard Services Agreement

Should you decide to engage AML checked as your Independent Auditor, the next step involves executing the Standard Services Agreement. This agreement lays out the scope of the review, milestones, deadlines, and overall interaction dynamics between your company and AML checked, providing a clear framework for the audit process.

Submission of Business Information and Documentation

Once the formalities are in place, you'll be prompted to submit your business information and relevant documentation through our online tool. This step streamlines the process by allowing you to upload compliance documents such as your AML Program, identity verification procedures, and past audit reports. Our team then conducts a preliminary review, gaining valuable insights into your company's compliance framework.

AML Audit Questionnaire

Scheduling and Conducting Initial Interview

With the groundwork laid, the audit kicks off with the scheduling of the initial interview. This interview, facilitated through a calendar link, involves key team members from your organization who are involved in AML/CFT policies and controls setup and execution. Through detailed discussions, we delve into your procedures, identify key stakeholders, and review tools requiring inspection and testing.

AML Audit Interview

Follow-Up Sessions for Review and Testing

Following the initial interview, subsequent follow-up sessions are scheduled to review and test internal AML/CFT processes. These sessions cover various aspects, including customer due diligence, transaction monitoring, sample transaction review, and assessment of employee credentials, ensuring a comprehensive evaluation of your compliance framework.

Drafting and Review of Preliminary Report

Post-audit, a detailed preliminary report is drafted and shared with you for feedback before finalization and certification. This report encapsulates key findings, concerns, recommendations, and compliance ratings, providing you with actionable insights to enhance your AML/CFT framework.

Finalization and Certification

Upon your confirmation of report completeness, the final report is digitally signed and certified, accompanied by an attestation letter, ready to be shared with regulators and relevant stakeholders.

Overall, the Independent AML/CFT Audit process typically spans 2-4 weeks, depending on organizational complexity. To kickstart your audit journey with AML checked, book a free consultation today and take the first step towards bolstering your compliance efforts.

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