Author: Kayla J. Johnson

Due to the ever-changing AML/CFT legal and regulatory landscape, subject persons must have a dedicated function that periodically evaluates the adequacy and efficacy of their policies, procedures, measures, and controls to ensure that they comply with the relevant requirements. An independent external AML audit is essential for locating the most urgent problems with the subject individuals’ AML/CFT controls and procedures because it provides an objective, unbiased viewpoint and unbiased understanding of the subject individuals’ AML/CFT approach. Subject entities can benefit from external independent AML reviews and audits in several ways, including facilitating the prompt identification and appropriate mitigation of risk,…