AML Resources & FAQs
Links to Federal Authorities & Self-Regulatory Bodies
What are my firm's AML requirements?
- 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?
- 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.
Why use an outside party for my AML performance audit?
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.