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Auditing the AML Compliance Program

Auditing the AML Compliance Program eGRC

At eGRC, we consider that auditing should not be intrusive or time-consuming. As an insourced partner, we can work with our clients in the mainland, commercial and financial-free zones (DIFC, ADGM) to complete all auditing functions.

We can also work with businesses to complement their existing audit functions and implement a process of adequate and proportionate auditing that remains within the budgetary requirements but delivers on the expected requirements for compliance and legislation purposes.

Engaging eGRC to undertake audits will bring impartiality to the review enabling a business to benefit from the findings of an audit, providing conformity to the compliance officer. In addition, eGRC assists companies in identifying potential deficiencies that can remediate before regulatory inspections.

eGRC can work with your business to enhance or take over your auditing responsibility to provide you with essential reporting and inputs to ensure your AML strategy protects your business.

Our audits cover the following:-

  1. AML/CFT policies and procedures and their adequacy against the applicable laws and regulations.
  2. Adequacy of enterprise-wide risk assessment,
  3. Client Due Diligence (CDD)/Enhanced Due Diligence Processes.
  4. Compliance procedures adopted vs. the compliance plan.
  5. Evaluation of the internal audit report to determine its adequacy.  
  6. STR identification and reporting
  7. System testing for adequacy and effectiveness.

We work across various sectors and businesses, undertaking effective auditing processes and reporting to support the firm’s AML and Compliance strategies. For more information on the sectors, we cover, click on the links below:

Financial Institutions

  • Banks
  • Exchange Houses/Money Service Businesses
  • Insurance agents and brokers
  • Financial Services
  • Virtual Assets
  • Hawala (RHP)

 

Designated non-financial business & professions (DNFBP’s)

  • Trust & Company Services providers
  • Attorney/Solicitors
  • Accountants
  • Real Estate Agents
  • Precious Metal & Stone Dealers
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