If your business was last independently audited in 2023, your next three-yearly audit is due this year. There is a practical reason to start planning now as much as a regulatory one: 2023 was a peak audit year across the sector, which means many reporting entities are likely to reach their next audit at around the same time.
The businesses that book early have more choice over timing and more time to prepare. Those that leave it late may find auditor availability is limited and have less time to prepare before the audit begins.
Note: Different timing may apply if an AML/CFT supervisor notified you that a four-year timeframe applies or required your audit to be completed at another time.
Why this audit will be different
If your last audit was in 2023, your next audit will take place in a very different AML/CFT environment.
Since then, guidance has been updated, the Department of Internal Affairs (DIA) has become the sole AML/CFT supervisor and released updated AML/CFT Programme and enhanced customer due diligence (ECDD) guidance, and new typologies have emerged. A programme that met expectations three years ago may now contain gaps when assessed against current expectations.
Areas worth checking before your audit include:
• Updated guidance on risk assessments and enhanced customer due diligence (ECDD).
• Clearer expectations around ongoing customer due diligence (CDD), account monitoring and suspicious activity reporting.
• New and evolving typologies that your risk assessment should now reflect.
• The single-supervisor model and the guidance introduced alongside it.
For full details, see the latest guidance on the DIA website.
Read the DIA release here.
Why booking early matters
Businesses that wait until an audit is imminent often have fewer dates to choose from and less time to prepare. Booking early gives you more flexibility and more time to get your documentation in order before the audit begins.
How Strategi can help
Strategi’s independent AML/CFT audits are designed to give you a clear picture of where your programme stands and a practical path for addressing any findings. The goal is not just to complete the audit, but to help you build a programme that stands up to future reviews.
If your last audit was in 2023, now is the time to book your next independent AML/CFT audit.
Get in touch to secure your preferred audit date.