Services

 

Independent Audit

 

One of the keys to maintaining an effective compliance program is by monitoring its performance and evaluating its success. By conducting ongoing internal audits of anti-money laundering programs, firms can help prevent serious issues of non-compliance before a regulator spots them. Coupled with an independent review by AML Audit Services, these assessments can address and mend problems before they spiral out of control. We’ll critique your compliance program, identify problem areas and find solutions to help rectify deficiencies—all before the examiners arrive.

 

Our Independent Audit provides for a full-scope in-depth review of your AML Compliance Program, designed to test compliance with all the regulatory requirements and industry best practices.

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We take a consultative approach beginning with an in-depth discussion about the nature and geographical scope of your business, your correspondent relationships, KYC controls employed and other attributes pertinent to understanding how your firm operates. This is followed by interviewing key personnel and examining all the components of your AML Compliance Program, including:

  1. A thorough review of your AML Compliance Program document that outlines your firm’s processes and procedures and Written Supervisory Procedures (WSPs) related to AML

  2. Risk exposure with respect to size, business lines, customer base and geographic location

  3. Customer identification and verification procedures

  4. Specific areas such as Currency Transaction Report and Suspicious Activity Report completion

  5. Procedure and review activities for monitoring suspicious activities and provisions for confidentiality

  6. Integrity and accuracy of record keeping and retention procedures

  7. Exception reports, transaction and cash activity

  8. Previous examination results to be sure all deficiencies with respect to AML have been addressed and updated

  9. Review of AML Training Program

Our service includes a comprehensive written report with point by point results, recommendations for enhancing the program as necessary and follow-up support to complete any updates, along with a certification letter attesting to the completion of the independent test.


Once you are a client of AML Audit Services, we are available by phone or email to assist you year-round with any AML issues that may arise.

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AML Training Services

 

Every financial institution must provide anti-money laundering training to its employees. This training must be done shortly after hiring new personnel, and annually for everyone. AML Audit Services can provide this training on a scheduled basis or whenever demand arises. The program can be customized to your needs and location to optimize the time personnel are away from their desk.


AML Compliance Program


AML Audit Services can assist you with establishing best practice governance for your AML program. From organizational structure, AML policies and procedures, internal controls and workflow, we can assist you with each of these components, customizing to match your risk exposure, current staff levels, and how AML compliance fits into your overall risk management framework.


Other Services


We can conduct targeted reviews geared toward any number of specific segments of your AML program, such as CIP/KYC, suspicious activity reporting, as well as testing of specific operational processes and more.

 

Call us for a consultation today!

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