Selecting an AML Auditor For Better Outcomes

When preparing for an AML/CFT audit, please ensure you have booked your starting date with your AML auditor well in advance.  Many businesses leave it too late to screen and select their preferred auditor.  Suppose you delay the appointment of your AML auditor until the last minute. In that case, your auditor may be unable to ensure the audit is completed within the timeline requirements of AML/CFT guidelines.  AML Supervisors recommend that you confirm that your AML auditor is available to conclude the audit within the required timeframes.

Qualifications and Experience

Your AML audit is one of the best ways to ensure your AML/CFT risk assessment and programme are operating well and meeting the expectation of AML supervisors.  Though the AML auditor does not require experience and qualifications, you will want to ensure the auditor has the prerequisites for completing an AML/CFT audit.  Confirm from your auditor their level of industry expertise and their experience in working in the field of AML/CFT compliance.  Their qualifications and suitability will be outlined in the final audit report. AML Supervisors will examine this detail to gauge the level of reliance that can be placed on audit findings.

Auditor Fees

The cost of an AML audit will undoubtedly be one of the primary deciding factors on what AML/CFT auditor to proceed with.  Don’t make the mistake of selecting solely based on the fee.  A low price may indicate minimum experience and low quality.  For a small business, an AML audit fee is likely to be less than $1,500.

Ongoing Support

Most AML auditors will be willing to clarify their recommendations and guide you on any requirements impacting your AML/CFT programme. Check with your AML Auditor if they provide ongoing support following the conclusion of their audit findings. 

Avoiding Conflicts

An individual or company that has been involved in developing your AML/CFT business risk assessment or programme is prohibited from being involved in the AML/CFT audit.  The exception is the ability of the AML auditor and reporting entity to demonstrate all potential conflicts have been managed.