Is an AML audit required?

In certain cases, we do also ask for an AML audit to be provided.  The AML Audit can be either an external or internal AML based audit. What we look for is a review of your company’s AML processes and protocols, dated within the last 12 months. The audit should have reviewed the AML/CTF control framework related to these elements: 

• Suspicious Activity Reports (SARs)
• Customer Due Diligence
• Enhanced Due Diligence
• Fraud
• Transaction Monitoring
• Risk Assessment
• Screening