An AML/CFT review is a risk-based assessment of your Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) framework. It evaluates the framework you have in place, recommends ways to make your AML and CFT controls operate effectively, documents your policies, and includes sector-specific training so your team is equipped for a changing compliance landscape.
Annually. Your daily operations are evaluated each year to see whether they comply with the national regulations for Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) compliance. Controls drift as your client base and services change, so a yearly review checks the framework still fits the business, and the findings become an action plan for the year ahead.
It covers the areas where money laundering risk usually surfaces: protocols for client onboarding, continuing surveillance, recordkeeping procedures, and employee training initiatives. The review assesses how well your current controls and rules are working, then pinpoints areas where improvements could reduce the risk of non-compliance.
Yes. Interviewing front-line staff gives insight into the real-world application of procedures, which can differ from what the written policy says. The review is also an opportunity to confirm that all employees clearly understand their roles and responsibilities, since a documented framework only works if the people applying it know what is expected.
The review tests whether your know-your-client protocols properly assess money laundering and terrorist financing risks for new matters. It also checks whether your electronic recordkeeping systems allow easy retrieval of identification documents and beneficial ownership information, and whether transactions are being scrutinised against both internal risk ratings and external intelligence.
Findings from the self-assessment form the basis of an action plan to strengthen your compliance framework over the coming year. The plan addresses gaps identified in controls, policies, recordkeeping and training, including how to promote a culture where any suspicious activity is promptly escalated for investigation.
It reassures clients and the broader community that you are mitigating illicit finance risks, and it demonstrates to regulators a strong commitment to integrity. It also protects the practice itself, deterring those with ill intent and improving your ability to identify warning signs of malfeasance.
