If your firm is required to have an Anti-Money Laundering program in place, it is also required to conduct an annual independent audit of the program. The two go hand-in-hand.
An AML audit is a test of whether your firm has an appropriate AML program and is fulfilling its obligations under the program. It sounds simple, but there’s a lot to consider (CIP review, transaction testing, OFAC checks, FinCEN filings review, evaluation of information systems, adequacy of risk-assessment procedures, etc.).
Firms have the option of conducting the audit using staff that is independent of areas exposed to potential money laundering risk, or by using a qualified outside party.
That’s where our affiliate EA Compliance (EAC) comes in. EAC is staffed with Certified Anti-Money Laundering Specialists who have performed hundreds of AML audits for our clients over the past 12 years.
Even if your firm has independent staff available, it may be more efficient to have EA Compliance handle the audit. EAC has the field experience to conduct the audit cost-effectively and with minimal disruption to your business.
Annual training is another critical element of all AML programs, and our recently updated training course is a reliable and convenient solution for you and your employees.