Effectiveness Review Services
What Is an Effectiveness Review?
An Anti-Money Laundering (AML) audit is a thorough assessment of a business's AML compliance program. It examines policies, practices, and internal controls to make sure they adhere to rules and successfully control risks associated with fraud, money laundering, and the funding of terrorism.
Why Companies Need an Effectiveness Review
According to FINTRAC's regulatory mandate, an Effectiveness Review (Audit) must be conducted every two years. A company's AML Compliance Program is evaluated on a regular basis to make sure it is meeting legal requirements and managing changing risks. Neglecting to perform an effectiveness review may lead to fines from the government, harm to one's reputation, and vulnerability to financial crime.
How AML INCUBATOR Can Help with Your Effectiveness Review & Compliance Needs
As part of the effectiveness review, AML Incubator thoroughly examines a company's current policies, procedures, training materials, and previously submitted reports and transactions. Internal interviews are also conducted to gain deeper insights into compliance practices.A thorough report that includes all of the findings is meticulously documented. In light of these conclusions, AML Incubator works with the business's compliance team to create a customized action plan that fills in the gaps and improves the company's anti-money laundering (AML) and anti-terrorist financing (ATF) procedures.
How to Prepare for a Regulatory Audit
Obtaining all pertinent documentation, such as risk assessments, policies, procedures, and training records, is part of getting ready for potential audits by regulators. It is imperative for organizations to maintain current records of regulatory filings and transaction monitoring activities. A preliminary internal review lowers the possibility of audit surprises by identifying possible gaps and demonstrating a commitment to compliance.
