Independent Testing and AML Audit

We provide an independent and impartial assessment of your organization's adherence to BSA/AML regulations. Utilizing our in-depth knowledge of the financial industry, we follow a systematic approach to evaluate your BSA/AML program. This includes:

• Reviewing your existing documentation, including the BSA/AML compliance program, existing operations manuals and past audit reports. 
• Thoroughly testing the implementation of your policies and procedures.
• Identifying any discrepancies or areas for improvement.
• Providing detailed recommendations for enhancing your overall compliance efforts.

This process is designed to help you ensure that your organization is effectively detecting and preventing money laundering and other illicit financial activities.

The process

Our independent testing and audit process is tailored to be straightforward to follow. We follow a systematic approach, ensuring that we examine all aspects of your organization's compliance program. We understand that each organization is unique and may have different levels of complexity; that's why we adjust our requests and testing procedures to match the specific circumstances of your business. This allows us to provide an accurate and comprehensive assessment of your compliance efforts and identify any areas that need improvement.

We follow a 5 step process

Scoping

Our scoping process begins by communicating with key staff members to determine the structure, scope, and timing of the audit. During the first meeting, we gather information about available documents and records to establish a clear list of requests for examination.

Request

We will request access to the documents and records identified during the scoping session, including the BSA/AML compliance program, operational manuals, previous audit reports, transactional records, know-your-customer (KYC) documentation, training materials, and any other relevant records.

Analysis

We thoroughly examine, analyze and test the provided documentation and records. As appropriate, we will conduct risk-based and random sampling testing to assess the effectiveness of the organization's procedures and controls.

Report and Certificate

We document our findings in an extensive report, and provide a draft copy for your review and feedback. Once we receive your input, we finalize the report with clear, actionable recommendations. Once the report is completed, we will provide a Certificate of completion that is hosted by us independently, which you can share with relevant third parties as proof that an audit has been conducted. The certification includes a summary of key findings, the date of the audit, and the auditor's signature. The certification is valid and publicly available for 3 years.

Follow-up and post-remediation

We can provide additional support, including advice, assistance with remediation and post-remediation review if required after the engagement is complete.