Effectiveness Review Services

WHY COMPANIES NEED AML AUDIT AND WHAT IS IT

Every two years, your company needs to undergo what is called an Effectiveness Review (Audit). This review is done to check for any gaps or deficiencies in your AML Compliance Program, and makes steps to correct those deficiencies to ensure your business continues to operate smoothly and compliantly.

HOW AML INCUBATOR CAN HELP

For your effectiveness review, we thoroughly examine all of your current existing policies and procedures. We will also conduct internal interviews, examine training materials, and sample previously submitted reports and transactions.

During this process, we document all of our findings and provide a detailed list of our findings. Once we have completed our review, we will work with you and your compliance team to create a game plan to address all of the gaps we have identified and help build upon your existing Anti-Money Laundering and Anti-Terrorist Financing practices.

WHY DO YOU NEED THIS

Conducting effectiveness reviews is crucial, as it ensures compliance with legal and regulatory standards, identifies operational gaps and weaknesses, and enhances overall efficiency. These reviews are often a prerequisite for banks and external partners before initiating business engagements.

FOR TIMELY COMPLETION OF THE REPORT, THE COMPANY SHOULD ENSURE:

• The Compliance Officer or the dedicated team member is available to respond to any follow-up questions quickly and effectively;
• Key personnel are accessible to evaluate elements of the Company’s AML compliance efforts, including but not limited to client verification, continuous monitoring and other relevant operations as requested by AMLI;
• Senior Management and other employees, such as those interacting directly with clients, are made available to assess their awareness and understanding of the Company’s AML compliance framework.