Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is involved in an AML performance audit?

April 26, 2017AML audit involved PERFORMANCE

0

Posted

What is involved in an AML performance audit?

1 Answer

0

Posted

AML performance audit involves the following steps: • Examination of a firm’s AML Policy & Procedures Statement • Examination of a firm’s AML internal controls • Examination of a firm’s AML program and procedures for the various components within the firm’s AML program • Examination of the firm’s CIP (Client Identification Program) including a test of new clients against lists published by the US Treasury related to SDNs (Specially Designated Nationals), blocked persons and non-cooperative countries and territories • An exist meeting with the firm’s compliance officer(s) to discuss various aspects concerning the firm and its AML program.