Services

Independent AML/CFT Audit & Review

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Act/ MLR 2017) and Proceeds of Crime Act 2002 (POCA).

Requires all reporting entities to have their risk assessment and AML/CFT programme audited periodically, or at any other time at the request of your regulator. One AML is qualified to independently audit all reporting entities in the United Kingdom.

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Internal Review

Internal review of your AML documentation with recommendations.

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Internal Review +

Internal review of your AML documentation, including some operational testing of processes with recommendations.

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Audit

Statutory independent AML/CFT audit, including operational testing of processes, findings and recommendations by way of a formal report.

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Premium Review

Statutory independent AML/CFT audit, including large operational testing of processes (scope tailored as needed) , findings and recommendations by way of a formal report and post-audit remediation review.

Audit Packages

Internal Review
From £2,000

Internal review of your AML documentation with recommendations.

  • Desk-based review
  • Recommendations
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Internal Review +
POA

Internal review of your AML documentation, including some operational testing of processes with recommendations.

  • Desk-based review
  • Recommendations
  • Testing of operational effectiveness (small sample)
Contact us
Review
POA

Statutory independent AML/CFT audit, including operational testing of processes, findings and recommendations by way of a formal report.

  • Desk-based review
  • Recommendations
  • Testing of Part A operational effectiveness (large sample)
Contact us
Premium Review
POA

Statutory independent AML/CFT audit, including large operational testing of processes (scope tailored as needed) , findings and recommendations by way of a formal report and post-audit remediation review.

  • Desk-based review
  • Recommendations
  • Testing of Part A & B operational effectiveness (large tailored sample)
  • Post review remediation
Contact us

We’re qualified to independently audit all reporting entities in the United Kingdom

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Accountants

The easy access and wide geographic spread of accounting services, coupled with accountants' gatekeeper role and use in every phase of ML/TF.
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Banking and Financial Institutions

Domestic and international evidence suggests that financial institutions are vulnerable to ML/TF. The Act. and regulations place obligations on the UK’s financial institutions to detect and deter ML/TF.
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Legal Professionals

The easy access and wide geographic spread of legal services, coupled with lawyers’ gatekeeper role and use in every phase of ML/TF.
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Other Captured Sectors

Other industries that are widely spread and easy to access by ML. The nature of these industries lends itself to all stages of ML/TF.
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Real Estate Professionals

The use of real estate in ML/TF is well-known and demonstrable. FIU research indicates real estate is the ML asset of choice.
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Virtual Assets / Crypto

The easy access and wide geographic spread of VASP services, coupled with their pseudo-anonymous nature and use in every phase of ML/TF.
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Independent AML/CTF Review and Audit FAQ

What is an independent AML audit?
An independent AML audit is a thorough review of your AML/CTF program conducted by an external specialist. It ensures your business complies with legal requirements and identifies areas for improvement.
What does the independent AML audit, review process involve?
The process includes planning, requesting documents, analysing records, and issuing a final report with actionable recommendations to improve your overall AML framework.
How often should my business undergo an independent AML review?
Generally, an independent AML audit or review is required every 2–3 years or as mandated by regulators.
Why do I need an independent AML review?
An independent review verifies the effectiveness of your AML program, helping you meet regulatory requirements and avoid penalties. It’s essential for demonstrating compliance with authorities and regulators.
What is included in the final report after an AML audit?
The report outlines the audit or review's findings, including non-compliance areas, and provides detailed, easy-to-follow recommendations for remediation.
How does the review help improve my KYC and transaction monitoring processes?
The review sample tests your KYC, CDD and transaction monitoring systems, ensuring they meet compliance standards and identifying areas for improvement.
What’s the difference between an internal audit and an independent AML audit?
An internal audit is conducted by your team, whereas an independent audit offers an objective, external perspective, ensuring a more comprehensive assessment.
What are the costs associated with an independent AML audit?
Costs vary based on the complexity and scope of the review. One AML offers flexible packages, starting from basic health checks to more detailed statutory reviews.
What happens if the audit identifies compliance issues?
One AML provides clear, actionable recommendations to address compliance gaps. We can also assist with post-audit remediation and implementation of necessary changes.
What industries can benefit from an independent AML audit?
All businesses that fall under AML/CTF regulations, including financial services, real estate, legal sectors, accounting, and fintech businesses, can benefit from regular independent AML reviews.
How long does an independent AML audit take?
The duration depends on the complexity and size of your business and scope, but a typical independent AML audit engagement takes anywhere from two to several weeks.
What are the legal requirements for an independent AML review?
Most regulators require periodic independent AML reviews to ensure compliance, with a specific timeline depending on your industry and location (typically every 2–3 years).
How does an AML audit reduce regulatory risk?
An AML audit helps you identify and address compliance gaps before regulators do, reducing the risk of fines or other penalties.
Will the audit disrupt my business operations?
At One AML, we work closely with you to ensure minimal disruption while gathering the necessary information and conducting the review.
Can One AML help with remediation after the audit?
Yes, we provide post-audit support to help you implement any changes required to bring your AML program into full compliance.

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