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EA Compliance provides the independent audit function to test your firm's AML compliance program. An AML audit may be conducted by members of your firm's staff who are independent of any areas that are exposed to potential money laundering risks, or by an outside party. Many smaller firms do not have employees who are independent of these areas, or find it costly to devote the time and resources necessary to accomplish this internally. For these reasons many firms use independent third parties such as EA Compliance to provide this service.

EA Compliance is a qualified provider and has the experience and education necessary to perform this service. Our philosophy is that the AML audit process is a way to strengthen or improve a firm's AML program, and it is our goal to help our clients with their AML compliance issues in the most efficient and cost-effective manner.

What does an independent AML audit consist of?

An independent AML audit is actually a test of the firm's AML program. It is not a financial audit, but rather a test to see whether a firm has an appropriate AML program and is doing what they say they are doing.

An EA Compliance AML audit generally includes the following:

  • A full review of your company's AML compliance program manual
  • Testing of your AML Policy and Procedures
  • Customer Identification Procedure (CIP) review
  • Transactional testing and evaluation
  • OFAC checks
  • FINCEN related filings review (CTRs and SARs)
  • Evaluation of AML training programs
  • Evaluation of automated monitoring systems and management information systems
  • Review of past audit reports to assess the efficacy of recommended implemented changes
  • Adequacy of AML risk-assessment procedures of the AML program

Once we conduct an independent audit, we deliver to the client the following:

  • Point-by-point review of audit findings
  • Recommendations for AML program improvement
  • In-person findings presentation for management, if desired

Why does my business need to have an annual independent AML audit?

An annual independent AML audit is one of the cornerstones of any AML program. State and federal regulators enforce anti-money laundering program standards.

Why hire an independent third party audit, when an AML audit can be conducted by members of your own staff?

There are three things a qualified independent third party auditor can provide: Expertise, Time Savings, and Lower Costs.

Expertise: Our AML specialists have the field experience and compliance knowledge to perform your firm's AML audits. Many smaller firms do not have employees who are both qualified to test an AML program, or whose job responsibilities are independent from areas exposed to potential money laundering risks.

Time: Using internal staff to complete annual AML audits takes valuable time away from their regular duties. Our audits are performed in a timely basis with minimal interruption to your normal business.

Cost: By harnessing our services, we bring the expertise necessary to perform this audit in a professional, valuable method, without your internal staff having to spend the time learning about this type of audit. Our services are tailored to meet the needs of any sized businesses who want their AML audits to be professional and cost-effective.

For more information and a free quote, please contact us:
Phone: 847-266-1800
Email: info@eacompliance.com

 

 
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AML Requirements
Broker/Dealers, Registered Investment Advisors, Futures Commission Merchants (FCMs), Introducing Brokers (IBs) and Non-Bank Residential Mortgage Lenders and Originator (RMLOs) are required to have Anti-Money Laundering programs in place.
More information is available here.
Contact EA Compliance Inc.
1910 First Street, Suite 306
Highland Park, IL 60035

847.266.1800

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