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What are my firm's AML requirements?
What is involved in an AML performance audit?
Why use an outside party for my AML performance audit?
Why use EA Compliance rather than my regular auditors or accountants?
How much does the AML audit cost?
How much does the AML training cost?
Does my firm have to provide AML training for my employees?
How do I access Exchange Analytics' AML Training Course?
How often do I have to do an AML audit and provide AML training?
What will my firm need to provide to prove compliance to a regulatory body?
Do I have to keep records showing compliance?
Why should I use EA Compliance as my AML auditor?
Why should I use Exchange Analytics as my AML training provider?


What are my firm's AML requirements?

If you are in a regulated business which is required to comply with AML requirements, the following are required for an AML program:

  1. Development of internal policies, procedures, and controls;
  2. Designation of a compliance officer;
  3. Ongoing employee training program; and
  4. Independent audit to test the program.

EA Compliance can help you with any of these AML functions.

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What is involved in an AML performance audit?
An AML performance audit involves the following steps:

  1. Examination of a firm's AML Policy & Procedures Statement
  2. Examination of a firm's AML internal controls
  3. Examination of a firm's AML program and procedures for the various components within the firm's AML program
  4. Examination of the firm's CIP (Customer Identification Program) including a test of new clients against lists published by the US Treasury related to SNDs (Specially Designated Nationals), block persons and non-cooperative countries and territories
  5. An exit meeting with the firm's compliance officer(s) to discuss the various aspects concerning the firm and its AML program.

After the audit is completed, the results are assembled and summarized in a report to be presented to the firm's compliance officer and/or audit committees.

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Why use an outside party for my AML performance audit?
An AML audit may be conducted by members of your firm's staff that are independent of any areas which 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. Other firms find it costly to devote the time and resources necessary to accomplish this internally. A firm may wish to consider the appearance of having an audit performed by an independent party, which helps eliminate questions or conflicts of interest that may arise when using in-house staff. For these reasons most firms use independent third parties to provide this service.

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Why use EA Compliance rather than my regular auditors or accountants?

In all probability we can provide these services in a more efficient and cost-effective manner than someone who is not focused in this specific area. While some auditors or accountants offer these services, these types of professionals typically don't have the expertise to perform your audit as cost effectively as someone who specializes in this area. Specialists in this area can also give both you and regulatory authorities a higher degree of confidence that you have met your AML compliance requirements.

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How much does the AML audit cost?

Given that every company is unique, there is no standard charge for an AML performance audit, however EA Compliance strives to be extremely cost-effective and value oriented. Please feel free to call us for a quote (847-266-1800) or email us at info@eacompliance.com.

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How much does the AML training cost?

The online AML training course is only $25 per person. This includes everything – the course itself, Certificate of Completion, and third party record keeping so that you can absolutely prove that your employees took the training course.

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Does my firm have to provide AML training for my employees?

It is the firm's responsibility to insure that its appropriate staff is compliant with the annual training requirement.

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How do I access Exchange Analytics' AML Training Course?
Click here to access the AML training course for Broker/Dealers, FCMs, and IBs.

Click here to access the AML training course for non-bank Residential Mortgage Lenders and Originators.

After a short registration process, you will be asked to input a credit card for $25. If you prefer, you may call us for an access code at 800-823-8442 or 847-266-7602. If you have a number of employees to register and would like to be billed together, please give us a call or email exch@xanalytics.com.

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How often do I have to do an AML audit and provide AML training?
Generally the independent AML audit and training must be taken annually, which some regulatory bodies have defined as within 12 months.

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What will my firm need to provide to prove compliance to a regulatory body?

To demonstrate that an AML audit has been performed, EA Compliance furnishes a letter attesting that the audit was performed, including how it was performed along with an opinion regarding your firm's compliance as required under the USA PATRIOT Act.

To prove satisfaction of annual training requirements, Exchange Analytics provides a Certificate of Completion attesting that your employees completed the training. The certificates, along with acknowledgement from your employees that they have read your Policy and Procedures statement should be provided to regulators.

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Do I have to keep records showing compliance?

Records showing compliance must be retained for a minimum of 5 years. All records pertaining to your CIP (Customer Identification Procedures) must be kept for a minimum of 5 years after an account is closed.

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Why should I use EA Compliance as my AML auditor?

EA Compliance is focused primarily on helping firms with their AML audit. Our staff is uniquely qualified to assist your company in complying with the various requirements under the USA PATRIOT Act. No other company offers the experience and training to best serve your firm in this area in a cost-effective manner.

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Why should I use Exchange Analytics as my AML training provider?

Exchange Analytics' online AML training courses are immediately available online, very convenient, cost-effective and most importantly does an excellent job of reminding your employees of their obligations under the USA PATRIOT Act pertaining to the prevention of potential money laundering. Exchange Analytics is the world's largest provider of compliance training to the derivatives and futures industries, and the majority of the world's largest financial service firms use their courses to satisfy compliance requirements.

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Take a New Course
Immediately access our courses online. After a short registration process, you'll be asked which course you'd like to take.
Re-Enter Course in Progress
Re-enter a course you've already started. You'll go right back to where you left off. (your place in the program is automatically "bookmarked")
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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