Some firms postponed their audits in response to some supervisors showing a degree of leniency towards those firms adversely impacted by COVID-19. Others delayed in the hope the DIA would push the audit cycle out to three years (however, this is not yet in force). Most of the remaining entities are blissfully unaware that they require an audit at all. 

Whatever the reason, it is important that the AML/CFT audit is not considered merely a ’check box’ exercise, nor a task to be carried out in haste or without due attention. The findings and recommendations made by the auditor can save you millions of dollars in possible penalties, litigation costs and process overhauls.

If your biennial audit is still outstanding, we encourage you to make it one of the top items on your current ‘to do’ list.

Get in touch with us to discuss how we can help.