This audit is conducted in order to determine whether a Financial Institution has developed, administered and maintained an effective program for compliance with relevant AML/CFT laws and regulations. The exercise will cover several stages of assessment and evaluation.
- Stage One – A review of the Financial Institution’s AML/CFT Compliance Policies, Procedures and Programs.
- Stage Two – An evaluation of the Financial Institution’s Control Processes and Risk Management framework.
- Stage Three – Recommendations and Implementation.