AML Audit

Under Regulation 21 of the Money Laundering Regulations 2017 most firms are required to establish an independent audit function of its AML Polices, Controls and Procedures. If, and not when, the SRA carry out their own audit of your firm’s AML controls they will, in the majority of cases, expect an audit to have been carried out.

Although the audit can be carried out internally it must be truly independent from those individuals who are responsible for AML compliance. It must be carried out by a senior individual who has sufficient knowledge and experience of money laundering compliance.

Compliance Legal can assist your firm with carrying out this audit to the required standards. This includes acting as an additional resource for the internal auditor or outsourcing the complete audit to us.

As part of the audit we will:

• Undertake a desktop review of your internal AML Polices, Controls and Procedures
• Interview staff to test their knowledge and understanding of money laundering regulations and your internal policies
• Complete a full audit report which will highlight areas of good practice and gaps in process
• Assist your firm with any corrective actions that may have been identified

We have carried out a number of these audits. Get in touch with us today to see how we can help.