AML legislation requires that every Reporting Entity institute and document an independent review of their policies and procedures, risk assessment, and training program for the purpose of testing their effectiveness, at least every two years. Most financial entities choose to conduct the evaluation every year to be consistent with upper-range industry practices, and because of regulatory guidance.
Williams McGuire performs compliance effectiveness reviews across Canada for all categories of Reporting Entities. Our compliance effectiveness review program was designed by two of our senior team members, who are Chartered Accountants with specialized training in money laundering risk and control evaluations. The reports we prepare, our process and findings follow the standards for Investigative and Forensic Accountants, and are relied on by CAMLOs, directors, regulators, and financial institutions.
AML legislation requires that every Reporting Entity institute and document an independent review of their policies and procedures, risk assessment, and training program for the purpose of testing their effectiveness, at least every two years. Most financial entities choose to conduct the evaluation every year to be consistent with upper-range industry practices, and because of regulatory guidance.
Williams McGuire performs compliance effectiveness reviews across Canada for all categories of Reporting Entities. Our compliance effectiveness review program was designed by two of our senior team members, who are Chartered Accountants with specialized training in money laundering risk and control evaluations. The reports we prepare, our process and findings follow the standards for Investigative and Forensic Accountants, and are relied on by CAMLOs, directors, regulators, and financial institutions.