Independent AML Audit
The legal and regulatory landscape for anti-money laundering and counter-terrorist financing (AML/CFT) is in constant flux. For financial institutions and enterprises, navigating this complexity requires more than just meeting baseline rules. Engaging a reputable external firm to conduct an independent AML/CFT audit provides an objective, impartial assessment of the effectiveness of your AML/CFT strategy, policies, and internal controls.
Such independent audits serve a wide range of purposes, including but not limited to:
- Bank account opening – Meeting banks’ due diligence requirements
- Internal control enhancement – Identifying gaps and areas for improvement
- Regulatory requests – Responding to inquiries or requirements from authorities
- Business partnerships – Establishing relationships with institutional partners
- Client onboarding – Demonstrating robust compliance framework to prospective clients
Who We Serve
We provide professional compliance support services to the following financial institutions and enterprises
Business types include:
- Securities dealers
- Futures dealers
- FX dealers
- Corporate Financiers
- Asset management companies
- Family offices / External asset managers (EAM)
- Virtual asset (VA) service providers
- Money Service Operators (MSO) and alike
- Money Lender and alike
- Insurance companies and insurance agencies/brokers
- Trust Company
- TCSP
- DPMS
- Other financial institutions
- Other Designated Non-Financial Businesses and Professions (DNFBPs)
What ComplianceOne can do for you
- Analyze gaps between current practices and the requirements of AML/CFT policies, procedures, and internal controls
- Develop comprehensive AML/CFT policies, procedures, and internal control documents
- Deliver compliance training sessions
- Prepare independent AML/CFT audit reports
- Provide complimentary name screening credits (edon.asia)
- Arrange report signing by a practicing CPA (value-added service)
Timeline
The scope of work includes performing a gap analysis, which involves reviewing: Client onboarding records, KYC records, Screening records, Risk assessment records, Ongoing monitoring records, Transaction records, Suspicious Transaction Report (STR) records, Staff training logs, and other AML-related records.
Following the review, we will conduct a meeting to discuss the findings and prepare the audit report. The entire process typically takes weeks to months to complete, depending on the complexity and scope of the engagement.