AML/CFT Audits

Amidst tightening regulations and an evolving risk landscape, companies require assurance that their AML/CFT control framework is strong and tight enough to detect and prevent instances of money laundering or terrorist financing.

External auditing is required to ascertain the correct implementation and functioning of the internal AML/CFT regime.

The role of an external audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes and anti-money laundering and counter funding terrorism framework are operating effectively and are also effective in mitigating the risk, whilst keeping processes commercially viable.

Notably, it provides the company with the opportunity to address perceived risks before resulting in complicated issues. Most importantly, it would also propose recommendations known as a remediation plan on how identified weaknesses can be addressed by management.

At IGAML we have the necessary proven competence and expertise to conduct AML/CFT audits.
IGAML provides two types of audits:

1. Full audits

Complete and comprehensive 360 degree audit of all systems, processes and procedures, assessment of a sample of clients, testing and controls.

2. Thematic audits

Thematic audits are a bespoke examination of specific areas of the policies and procedures including their implementation and effectiveness.

The scope of these audits is to identify and remediate any weaknesses in specific operational processes of the company in order to ensure compliance with relevant laws and regulations.
Some of the most common audits are:

1. Transaction monitoring
2. The risk based approach
3. The application of enhanced due diligence
4. The operational flow and internal controls and compliance management.

All our audits come with a remediation plan in order to rectify any deficiencies and our consultants will assist you in achieving the desired results.