AML Audit NZ for Quality Compliance Assurance
AML Audit NZ. We are a team of AML/CFT compliance professionals with extensive experience. We provide recommendations on how to meet regulatory expectations. Get an AML360 auditing service and gain regulatory confidence.
Validate your AML audit with professionals
We offer the best AML audit and advisory services with ongoing professional support.
You Can Trust Us For a Quality Assurance AML Audit NZ
Our AML Audit Services are unique in that our approach is less disruptive to business, whilst also sharing tips and guidance on the practical aspects of achieving best practice AML/CFT compliance.
FREE AML/CFT Compliance Tools with your AML Audit NZ
When you engage our services for an AML audit, we provide a package of AML compliance tools. The AML/CFT compliance tools provide a risk-based approach with outcomes that meet regulatory effectiveness. Use your customised reports and implement results into compliance systems or retain as guidance material.
We are the Experts for Remedying AML/CFT Compliance
Anti-Money Laundering Consultants Ltd is a distributor of AML360 regulatory technology. The software has received global recognition for innovation in managing anti-money laundering compliance. In some circumstances, we can remediate your AML/CFT compliance framework at no additional fee. This allows your business to close compliance gaps whilst you update your AML/CFT compliance framework.
AML360™ Can Remediate AML/CFT Compliance Weaknesses
AML360™ represents anti-money laundering compliance professionals and regulatory technology. As AML/CFT Auditors, we have the opportunity to remediate your compliance weaknesses without additional cost.
What should you expect from an AML Audit NZ?
An AML audit NZ provides a business with an independent opinion on the strengths and weaknesses of an AML/CFT compliance programme. The AML audit report will analyse key aspects of AML/CFT compliance against requirements of sections 57 and 58 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. These sections relate to the AML business risk assessment and AML/CFT compliance programme.
The AML/CFT auditor will review relevant documents and test procedures to ensure the anti-money laundering business risk assessment is adequately informing the AML/CFT programme.
The auditor's experience and quality of service is reflected in the detail of the recommendations provided in the AML/CFT audit report.
Ultimately your AML/CFT auditor impacts on your exposure to an AML/CFT compliance breach.
What skills should an AML Auditor demonstrate?
To get the best results from your AML/CFT audit, your auditor should have expertise in the application of the risk-based approach to meeting anti-money laundering compliance laws. Knowledge of how to practically apply the risk-based approach is a key aspect of ensuring governance, risk and compliance controls align with the business’s nature, size and complexity.
Their expertise should incorporate designing and oversight of AML/CFT programmes. The AML auditor’s former AML/CFT roles should be at the mid to senior management level.
Preferably your AML auditor should hold a qualification in anti-money laundering compliance, along with experience in the sector that your business operates.
The level of experience of your AML auditor will dictate the quality of your AML audit and more specifically, the recommendations provided.
A quality audit can prevent compliance breaches
If your AML/CFT auditor fails to identify material failures in the AML business risk assessment or AML/CFT programme, your business is exposed to regulatory action.
How much does an AML Audit NZ cost?
The nature, size and complexity of your business will reflect in the cost of an AML audit. An AML/CFT audit requires the auditor to utilise their subject matter expertise, review documents, interview staff, test policy, procedures and controls and complete an AML/CFT audit report. The AML audit report will set out the opinion and findings, along with any recommendations.
The audit costs also depend on whether the reporting entity elects a ‘limited’ or ‘reasonable’ assurance report.
Small businesses can expect to pay around $1,500 for a limited assurance audit.
How long does an AML/CFT Audit Take to Complete?
An AML/CFT Audit will typically take between 1-3 months to complete.
The timeframe for completing an AML/CFT audit will depend on several factors. This includes the resourcing levels of the AML Auditing firm, as well as the resourcing commitments provided by the business entity.
Your date deadline for the AML/CFT Audit Report should be discussed with your auditor.
AML Audit NZ - Reasonable or Limited Assurance?
The AML/CFT Supervisors have provided a Guideline on AML Audits. The commitment of resourcing and testing of a reasonable assurance audit is greater.
Reasonable assurance audits provide greater confidence that the audit has adequately tested AML/CFT policy, procedures and controls. You can access the AML audit guideline at the links below:
Internal Reporting
We provide a framework to assist with an internal review and reporting structure. Known as the AML Compliance Health Check, references to New Zealand’s anti-money laundering compliance laws are provided. Your business will increase knowledge of how to structure an internal reporting system.
Does an AML Auditor need to hold an AML/CFT Qualification?
No, an AML/CFT auditor is not required to hold an AML/CFT qualification. However, AML/CFT Supervisor Guidelines require that the AML/CFT Auditor detail their relevant experience in the covering AML/CFT Audit Report.
The more qualified and experienced the AML Auditor is in performing the AML Audit, the greater the level of confidence that AML/CFT Supervisors will place on the AML Audit Report. Links to AML/CFT Supervisor Guidelines are available at the top of this page.
AML Auditor Considerations
This is a further article on matters to consider when selecting an AML auditor.