General Auditing

General Auditing

Auditing does not need to be intrusive and time-consuming. At AML and Compliance, we will work with businesses as an outsource partner to complete all auditing or provide an independent addition to their existing auditing functions.

We also work with businesses to implement a process of effective and proportionate auditing that keeps within budgetary requirements but delivers on the expected requirements for compliance and legislation purposes.

The evidencing of compliance is a crucial aspect to a successful and robust compliance programme. The AML regulations require a business to independently assess the effectiveness of their approach to anti-money laundering.

A clear way to achieve this is to implement a compliance auditing programme that assesses the implementation and application of the business’s AML policies. This is to confirm that staff are implementing the requirements appropriately and applying them to the firm, from undertaking Client Due Diligence (CDD) to notification and reporting.

Engaging an external AML company to undertake such audits will not only ensure they are completed but also bring impartiality to the review enabling a business to benefit from the findings of an audit, providing comfort to the compliance officers or identifying potential weaknesses and improving the processes they have adopted.

Auditing from an AML and compliance perspective will need to cover a number of areas, and many businesses will already be undertaking some form of auditing that assists in the overall management and supervision process.

At AML and Compliance, we will work with your business to enhance or take over your auditing profile, providing you with the essential input to ensure your anti money laundering strategy protects your business.

Our audits cover the following:

• Application of the AML regulations, including effective Client Due Diligence (CDD)
• Assessment of Enhanced Due Diligence Processes
• Auditing of Compliance and Risk Registers
• Compliance and regulation application audits
• Risk assessment and Risk Audits
• Operational Process audits
• File Audits
• Staff audits re policy and procedures application
• Data Protection Audits

We work across a range of sectors and businesses, undertaking effective auditing processes and reporting to support the firm’s AML and Compliance strategies. For more information on the sectors, we cover, click on the links below:

• Banks and Lenders
• Financial and Credit Businesses
• Accountants, tax advisers, auditors and insolvency practitioners
• Insurers and Brokers
• Trust and Company Service Providers
• Estate Agents and Letting Agencies
• Casinos
• High Value Dealers
• Art market participants
• Solicitors – independent legal professionals

The following table sets out the cost of the audit

*Additional interview days may be required depending on the size of the firm and the number of staff to be interviewed. The standard audit expects approx. 10 staff members are to be interviewed.

To enquire about our AML audit and compliance audit services and how AML and Compliance can work with your business, you can call us on 0203 985 8553, email us at info@amlandcompliance.co.uk or complete an enquiry form.