The AML/CTF Rules expect that the purpose of an independent review will be to:
Reporting entities are required by the AML/CTF Act and Rules to assess their AML/CTF Program’s alignment to their ML/TF risks and obligations.
Whether you choose to assess only the program’s alignment with the AML/CTF Act and Rules or the testing of the program’s implementation, or undertake a full AML/CTF independent review, you will be provided with a comprehensive report that sets out your level of compliance and recommendation to improve your business’ AML/CTF compliance.
THE PURPOSE OF A FULL INDEPENDENT REVIEW IS TO:
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Assess the effectiveness of the AML/CTF Program having regard to its ML/TF risk;
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Assess whether the AML/CTF Program complies with the AML/CTF Rules;
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Assess whether the AML/CTF Program has been effectively implemented; and
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Assess whether the reporting entity has complied with its AML/CTF Program.
THE SCOPE OF A FULL INDEPENDENT REVIEW
A review of your documented AML/CTF Program and supporting documented policies and procedures, including testing assumptions underlying the ML/TF risk assessment.
On-site testing and sampling of actual examples of the entity’s day- to-day operations to assess the effectiveness of compliance with procedures.
INDEPENDENT REVIEW DELIVERABLES
Initialism will provide a written report setting out the work undertaken, and its findings, together with suggested recommendations (if any) to address identified gaps.
Initialism can also provide a summary report (in letter form) setting out the findings and recommendations (if any) that can be shared with internal and external parties.
Choose the AML Check you need
Our modular approach puts you in control. Choose the AML Check solution that is right for you, or contact us to learn more.
AML Document Review
Assessment and report on your AML/CTF Program to ensure it is aligned to your ML/TF risks and is compliant with the AML/CTF Act and Rules.
AML Compliance Testing
Assess and receive a report on your implementation of, and your business’ compliance with, your AML/CTF Program requirements.
Full Independent Review
Undertake both the AML Document Review and AML Compliance Testing as one single review, and receive a single report.
Key benefits of AML Check
YOU’RE IN CONTROL
The modular approach puts you in control of the review.
PROPORTIONATE
The assessment is aligned to your business and it’s activities.
PEACE OF MIND
Understand if you are achieving AML/CTF compliance.
ACCESSIBLE EXPERTISE
Review is undertaken by experts who understand your business and industry sector.
ACTIONABLE OUTCOMES
Any recommendations made will be tailored to your business.
BUDGET FRIENDLY
A cost-effective way to undertake a review.
