Official AML Audit Checklist

Why Use an AML Audit Checklist?

Any good audit checklist should enable you to carry out a gap analysis of your anti-money laundering compliance. The AML audit checklist should cover the mandatory rules and requirements set out by the Money Laundering Regulations (MLR), including any amendments. It should also allow you to assess compliance with any supervising authorities that may govern your industry, such as HMRC or the FCA.

All relevant AML assessment questions and criteria ahould be included in the AML gap analysis checklist. You can then use this on a rolling basis to comply with the mandatory MLR monitoring and auditing requirement. An AML audit checklist is as essential as the AML policies, controls and procedures it aims to assess. The MLR is an extensive piece of UK legislation and as such, any checklist to assess compliance with the rules should be equally significant.

MLR Audit Rules

Monitoring and auditing compliance with the money laundering rules is a mandatory requirement under section 21(c) of the MLR. It states that organisations must ‘establish an independent audit function with the responsibility to examine and evaluate the adequacy and effectiveness of the policies, controls and procedures adopted [to] comply with the requirements of these Regulations’.

All businesses with anti-money laundering obligations must have a robust AML compliance program. The AML policies, controls and procedures set out intent, structure and processes for mitigating money laundering within the company. Supervisory authorities such as HMRC carry out their own compliance checks on the businesses they oversee. HMRC audit AML policies, procedures, and risk assessments to verify their effectiveness in mitigating financial crime.

Ready to Use AML Audit Checklist

Why spend time and resources building your own AML gap analysis template when we have done it for you? Our  market leading AML Self Assessment Audit Checklist will help you to assess your compliance against the MLR rules. It is suitable for all industries and business types and is fully customiable in an Excel format.

Carry out simple gap analysis and identify AML vulnerabilities with over 100 assessment questions. The AML checklist tool is accompanied by detailed guidance notes for using and editing the document.