An AML Compliance Review enables an organisation to understand, from a practical and independent point of view, the effectiveness of its AML internal controls and procedures, both internally and externally, and whether additional controls are required to properly mitigate any identified risks. Testing is carried out on the company framework, internal systems and IT controls, in order to sufficiently assess the current processes deployed by an organisation.
BDO Malta’s AML Compliance review is tailored to the sector-specific requirements of our clients, predominantly focused at enabling the organisation to assess its compliance function and regulatory universe, identify gaps or deficiencies using the RAG assessment criteria and, as a follow up, develop a remediation plan to address those gaps.
The AML Compliance review enables organisations to:
- Identify any areas of non-compliance
- Assess the level of conformity of the arrangements in place to the applicable regulations
- Remediate any deficiencies through a tailored remediation plan, awareness and training
Our AML Compliance review outlines the level of conformity in a user-friendly manner, following a thorough and holistic assessment of an organization’s AML CFT framework and controls, paying particular attention to a range of control areas, that include risk governance and mitigation, customer due diligence, ongoing monitoring, reporting, alert and detection. Any identified risk areas for non-compliance within the organisation are reported to senior management for proper address of deficiencies. BDO Malta may also assist with rectifying any identified deficiencies and implementing sound controls.