Why should you have your compliance regime evaluated by AML experts?
It’s the law: Compliance effectiveness reviews must be conducted and documented at least every other year.
Your regulator is coming, and you need to prepare: Readiness reviews can find and fix deficiencies before the regulator does.
Your financial service provider expects it: Before they will accept (or retain) a money services business (MSB) or other reporting entity as a client, most financial institutions require evidence of annual compliance effectiveness reviews by a qualified third party expert.
We typically perform our compliance regime evaluations in two stages. First, we evaluate the compliance regime against prevailing legislation, regulatory guidance, and upper-range practices. That stage culminates in a report which sets out our methodology and explains any deficiencies. Our second stage occurs only once identified deficiencies are resolved, and involves an evaluation of compliance with the updated compliance regime. Our final report details the consistency of the regime with relevant standards, and the entity’s adherence to the regime’s prescriptions during the period being evaluated.
Why should you have your compliance regime evaluated by AML experts?
We typically perform our compliance regime evaluations in two stages. First, we evaluate the compliance regime against prevailing legislation, regulatory guidance, and upper-range practices. That stage culminates in a report which sets out our methodology and explains any deficiencies. Our second stage occurs only once identified deficiencies are resolved, and involves an evaluation of compliance with the updated compliance regime. Our final report details the consistency of the regime with relevant standards, and the entity’s adherence to the regime’s prescriptions during the period being evaluated.