AML/CFT Audit Specialists
Is your
Risk Assessment Programme working effectively?
Smith AML Audits provide independent limited Assurance Audit to verify the adequacy of your program and test internal controls for effectiveness to ensure compliance with the requirements of the Act.
The AML/CFT Act requires you to have your Risk Assessment Programme independently audited every two years, or at any other time your Supervisor requests.
The audit is intended to check that you are implementing your programme effectively by verifying that your Risk Assessment identifies risks of money laundering and terrorist financing faced by your business, that you keep the assessment current, and are effectively determining the levels of risk faced by your business.
What
We Do
We review and test whether your AML/CFT Risk Assessment and Compliance Programme meets the requirements and whether your policies, processes and controls are effective in accordance with Section 59 of the AML/CFT Act.
1.
Engage
We accept engagements to conduct a limited assurance engagement of your AML/CFT programme as required under the audit provisions of the AML/CFT Act.
2.
Discovery
Initial discussion and planning.
3.
Review
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Existence - check existing documentation against the prescribed requirements
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Adequacy - confirm adequacy based on the type of entity business operation
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Effectiveness - test the effectiveness of the programme
4.
Discuss
Address the accuracy of the reviewed details.
5.
Final
We issue an independent limited assurance engagement report complying with the AML/CFT Act.
Focus Areas
Focus areas for AML/CFT Audits will differ between reporting entities based on the type of services provided, but you should expect some focus on the following areas:
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Governance and management
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Vetting and training of staff
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Customer due diligence
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Record keeping and documentation
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Suspicious, complex and unusual transactions
What We Charge
Pricing will be tailored to fit the size of the organisation and the number of clients.
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Pricing considerations include:
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Limited assurance audit - sample size = 10%
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Reasonable assurance audit - sample size >20%
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Client types (natural persons, partnerships, trusts etc)
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Onsite or remote audit
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CDD onboarding process (manual or software)
Contact
Us
Rather Chat?
Speak to one of the team on 027 242 4095