AML Resources & FAQs

We have provided AML resources and answered Frequently Asked Questions (FAQs) to help you with audits and other related procedures.

Links to Federal Authorities & Self-Regulatory Bodies

FAQs

What are my firm's AML requirements?
If you are in a regulated business that is required to comply with AML requirements, the following are required for an AML program:
  • Development of internal policies, procedures and controls,
  • Designation of a compliance officer,
  • Ongoing employee training program,
  • Independent audit to test the program.
What is involved in an AML performance audit?
An AML performance audit involves the following steps:
  • Full review of your company's AML compliance program document,
  • Testing your company's AML policies and procedures, including a review of CIP, OFAC checks and FinCEN-related filings (e.g. SARs) if indicated,
  • Evaluation of your ongoing AML training programs,
  • Review of any automated monitoring systems and management information systems,
  • Review past audit reports to assess efficacy of previous recommendations,
  • Review the overall adequacy of AML policies and procedures.
Once the audit work is completed, the results are consolidated and summarized in a report to be presented to the firm's compliance officer and/or audit committees.
Why use an outside party for my AML performance audit?
An outside party or members of your firm's staff, independent of any areas exposed to potential money laundering risks, may conduct an AML audit. 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 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 auditors.
Why use EA Compliance rather than my auditors or accountants?
In all probability, we can provide our services in a more efficient and cost-effective manner than someone who is not focused in this area. While some auditors or accountants offer these services, these professionals typically do not have the expertise to perform your audit as cost-effectively as someone who specializes in this area. Specialists in this area can also give you and regulatory authorities more confidence that you have met your AML compliance requirements.
How much does the AML audit cost?
Given that every company is unique, there is no standard charge for an AML performance audit. Please get in touch with us for a quote. Call (224) 707-0242 or email us.
Why should I use EA Compliance as my AML program auditor?
We are primarily focused 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. We offer the experience and training to best serve your firm in this area in a cost-effective manner.