AMLAS conducts independent testing covered under the BSA/AML and OFAC regulations. We also perform Effectiveness Reviews covered under Canada’s PCMLTFA and OSFI regulatory regimes. Many US companies also operate in Canada, and AMLAS can review both AML programs to leverage efficiency.

An independent review from AML Audit Services helps to ensure that AML compliance controls are risk-ready. Each AMLAS client is assigned a certified AML industry specialist who serves as an advisor through the entire assessment process.

With an unbiased, objective view of the client’s business and operations, advisors apply their vast industry know-how and a proven three-step process to assess the program, identify gaps, and propose recommended enhancements.

AMLAS can also conduct your other types of reviews. Ask us about coordinating all of your reviews.

Phase One

AML Audit Services professionals gain a deep understanding of the client’s business model and its underlying subtleties and nuances. We review documents, ask lots of questions, and run the necessary tests to identify any gaps, shortcomings, or deficiencies.

Phase one features a thorough review of program documents, including but not limited to:

• Business model and infrastructure
• AML policies and procedures documentation
• AML risk assessment
• Qualifications and biography of the designated compliance officer
• Previous independent testing report and management responses

Phase Two

In Phase Two, we commence the engagement, which includes:

• Interviews with key personnel
• Walkthrough of compliance operations processes
• Transaction testing
• A brief exit meeting with senior management to discuss preliminary conclusions

Once the gaps are identified, AML Audit Services will identify needed enhancements. Recommendations are tailored to each program. AMLAS educates its clients on industry standards, best practices, and regulatory expectations.

Phase Three

AML Audit Services works with each client to identify opportunity for enhancement.

Phase Three consists of:

• Analysis of review and test items
• Comprehensive report including:
  • Requirements
  • Observations
  • Testing
  • Recommendations
• Comprehensive workpapers made available to regulators on request.

Many institutions come to AML Audit Services after having worked with other AML service providers. What they find with AML Audit Services are trusted advisors with:

• Considerable experience in bank and nonbank institutions and a deep understanding of the issues that each uniquely face.
• A consultative approach, including a thorough discovery process that makes each client feel confident they are getting attention specific to their needs.
• Extensive knowledge of regulatory expectations.
• A reputation for being well-known, respected, and connected in the AML environment.
• Superior quality deliverables.

Institutions hire AML Audit Services first so they don’t encounter issues later. Learn More.