Video on Independent AML Audit
Video on Independent AML Audit
To safeguard the reporting entities (Financial Institutions, DNFBPs and VASPs) from financial crime risks and to remain compliant with AML requirements, an AML Audit must be conducted independently by competent personnel on a periodic basis to ensure that the AML Program of the entity is consistent with AML rules and regulations.
AML Audit is entirely different from a financial audit of the books of accounts. The Independent AML Audit verifies the entity’s AML/CFT compliance framework.
The audit helps to identify gaps in the existing AML Program, detect loopholes and recommend best practices to bridge the gaps. To bridge the gap, the AML Auditor may recommend the implementation of additional controls, developing or enhancing the AML training programs, and adopting new technological solutions to strengthen the AML capabilities. Further, the AML auditor must be aware of the latest regulatory amendments and understand the AML obligations of the particular entity. This video explains:
- What is an Independent AML Audit?
- Why is it needed?
- Who can perform an independent AML audit?
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