Reporting entities are required by the AML/CTF Rules to assess their AML/CTF Program’s alignment to their ML/TF risks and AML/CTF obligations.
At Initialism, we have developed a uniquely modular approach to AML/CTF Independent Reviews – AML CHECK, which puts you in control of the scope of the review.
THE PURPOSE OF AN AML/CTF 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 NATURE OF AN AML/CTF INDEPENDENT REVIEW IS TO:
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View and assess the ML/TF Risk Assessment;
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Review and assess the documented AML/CTF Program;
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Review and assess any supporting policies and procedures; and
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Test to assess the effectiveness of compliance with procedures.
AML/CTF INDEPENDENT REVIEW DELIVERABLES
Initialism provides comprehensive reports that set out your level of AML/CTF compliance and any recommendation to improve your business’ AML/CTF compliance.
Initialism can also provide a summary report (in letter form) setting out the findings and recommendations that can be shared with internal and external parties.
THE SCOPE OF AN AML/CTF INDEPENDENT REVIEW:
Whilst the AML/CTF Rules only require Part A of the AML/CTF Program be reviewed, Customer Due Diligence set out in Part B is a key obligation.
Initialism’s approach to AML/CTF Independent Reviews means that you can easily and cost effectively include Part B of your AML/CTF Program should you feel you need to.
AML CHECK
Whether assessing alignment with the AML/CTF Rules, implementing the AML/CTF Program, or committing to a full AML/CTF independent review, with Initialism’s AML CHECK modular approach, you can choose to review either Part A and/or Part B of your AML/CTF Program.
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/CTF Document Review
Assess and report on your part A and/or B AML/CTF Program to ensure it is aligned to your ML/TF risks and is compliant with the AML/CTF Act and Rules.
AML/CTF Compliance Testing
Assess and report on your implementation of, and your business’ compliance with, your part A and part B AML/CTF Program requirements.
Full Independent Review
Undertake both the AML/CTF Document Review and AML/CTF Compliance Testing as one single review.
ASSESS YOUR AML/CTF PROGRAM’S LEVEL OF COMPLIANCE FOR FREE
Key benefits of AML CHECK
YOU’RE IN CONTROL
The modular approach puts you in control of the AML/CTF Independent Review.
PROPORTIONATE
The assessment of AML/CTF compliance is aligned to your business and its activities.
PEACE OF MIND
Understand if you are achieving AML/CTF compliance quickly, easily and in a cost effective way.
ACCESSIBLE EXPERTISE
The review is undertaken by experts who understand your business and industry sector.
ACTIONABLE OUTCOMES
Any recommendations made will be tailored to, and workable in, your business.
BUDGET FRIENDLY
A cost-effective way to undertake an AML/CTF compliance independent review.