What is an AML Audit?
An independent audit of your AML Compliance Programme and Risk Assessment must be carried out every two years – this is an obligation under the Act and should not be ignored.
The purpose of the audit is to basically check if your Risk Assessment and AML Programme is up to scratch – is it fit for purpose, and are you following your own procedures?
The first audit must be completed by 1 October 2020 (and then every two years from your date of audit). We highly recommend you start getting organised for your audit well ahead of the deadline, as the process may take some time.
How can we help?
The DIA expect businesses to consider and document some of the process undertaken when commissioning an AML Audit.
We have simplified this into a step-by-step guide to provide you with certainty of what you need to provide for the audit and a reduction in the actual audit cost. Complete the “Getting Ready for Audit”, and you will be eligible for a cheaper audit from one of the auditors who are familiar with the Aro AML programme.
Who are the Auditors?
We have identified a number of AML auditors who specialise in working with small and mid-tier practices. They all use a consistent approved process and have the necessary tools to complete your audit remotely. Best of all, they have agreed to do so for a fixed fee for anyone who has completed the Getting Ready for Audit module. We will provide you with multiple options so you can make the final choice.
Note: The “Getting Ready for Audit” product is not an audit service, it is a preparation guide for audit that enables you to be fully prepared. We can provide you a list of auditors who can guarantee a fixed flat fee if the processes in the Getting Ready for Audit module are followed.
Getting Ready for Audit
- Step-by-step guide of the audit process. Are you missing any info? What information do you need to provide - including a questionnaire to be completed for your Auditor.
- Engaging an auditor – We will provide you with recommended independent auditors. Documenting your selection and post-audit requirements.
- Once you complete the steps in this package, you will be eligible for a cheaper audit from certain auditors*
- *Existing customers, on completion of Getting Ready for Audit will have a reduced audit cost of $800 + gst.