Anti-Money Laundering (AML) Audits provide a level of assurance to internal and/or external bodies that there are no money laundering or financing of terrorism activities taking place within the entities, or by clients of these entities.
These AML audits ensure the compliance programmes of entities are:
- Updated, at least on an annual basis, and are thus in compliance/accordance with the relevant laws and regulations of the nation and supervisory body(ies);
- Adhered to by the entities;
- Accessible to all persons within the entity, also ensuring that they all received the relevant annual training
In Trinidad and Tobago
External AML/CFT audit reports are submitted to either one of the three supervisory bodies (The Financial Intelligence Unit of Trinidad & Tobago, The Central Bank of Trinidad and Tobago, and The Trinidad & Tobago Stock Exchange) in Trinidad & Tobago by the following types of companies/companies in the following industries (see List of FIU Supervised sectors):
- Banking and Finance – Financial institutions
- Listed businesses such as real estate, some attorneys-at-law, some accountants
- Insurance – Insurance brokerage firms
- Listed entities (i.e., companies listed on the stock exchange)
AML Audits, both external and internal, provide confirmation/assurance to the supervisory bodies (external audits) and those charged with governance (internal audits) in the entities, that the implemented policies, procedures, and internal controls are effective, and continue to be monitored in a timely manner to ensure the occurrence of money laundering and financing of terrorism are mitigated.
If these illicit activities are discovered or there are reasonable grounds for suspicion, the implementation of the documented policies, procedures, and internal controls in the compliance programme ensures they are dealt with in accordance with the relevant legislation, and reported to the supervisory body in a timely manner.
The external audit reports are submitted to the relevant supervisory body, while the completion of internal audits, the reports are only submitted to those charged with governance in the entities.
Both external and internal audits can be performed by an independent firm. However, in some companies, the compliance officer produces these reports, to submit to those charged with governance.
See other resources below for Trinidad and Tobago. If you need any assistance with Anti-Money Laundering Audits, feel free to contact Vernetta at email@example.com