Navigating Independent AML Audits: The Road to Compliance Success

The UAE AML laws mandate the regulated entities to implement an independent AML audit function to test the quality and adequacy of the AML program and the measures deployed by the business.

Only with a robust and systematic approach, the AML audit function can be adopted efficiently. An ideal AML audit program includes the following components:

• AML Audit Plan
  Before practically beginning with the AML audit, the AML auditor must thoroughly set up an audit plan, clearly capturing the audit objectives to be achieved, the scope of the AML audit and the essential procedures the auditor proposes to implement to satisfy the objectives and scope of work.
• Conducting AML Audit
  Following the audit plan, the auditor must proceed with the audit performance. This should include independent and unbiased review and checking of the entity’s overall AML program.
• Reporting the AML Audit findings
  The auditor must document the deficits observed, or compliance gaps identified during the review and present a report to senior management. This report must also include the remediation measures against each observation, guiding the business to address the audit findings.
• Post AML audit activities
  With the AML auditor’s report in hand, the senior management must immediately develop a plan involving the AML Compliance Officer to resolve the gaps. The necessary team members must be involved and assigned the responsibility for managing and remediating the specific non-compliance or improvement areas. The senior management must constantly track the progress of rectification measures.

With a systematic process, the purpose of the AML audit can be served in its right spirit.

Here is an infographic discussing the AML audit program in detail, highlighting the four core stages related to initiation of the AML audit journey and its successful closure.

Do you need any assistance with the AML audit? Here we are – AML UAE. AML UAE is a leading AML consultancy service provider, offering end-to-end AML consultancy services, including AML audit support.