If you’re a business owner or responsible for AML/CFT compliance, your three-yearly AML/CFT audit doesn’t have to be stressful or disruptive. The key to a smooth, hassle-free audit is preparation—ensuring you have everything ready, so the process is efficient and doesn’t take valuable time away from running your business. A little planning now can save a lot of headaches later.
Top tips to make your audit easier
A well-prepared audit helps avoid last-minute scrambles, reduces the risk of compliance gaps, and ensures you can provide the required information promptly. It also demonstrates a strong compliance culture, which is essential in today’s regulatory environment. Here’s what you can do to get audit-ready:
- Review your compliance programme and risk assessment: Ensure these documents are up to date and accurately reflect your business operations. Auditors will assess whether they align with AML/CFT requirements.
- Gather key records in advance: Auditors will request documents such as your risk assessment, compliance programme, staff training records, suspicious activity reports, and client due diligence files. Having these readily available saves time and hassle.
- Check your training register: Make sure all staff have completed their required AML/CFT training and that records are up to date. Training is a key focus in audits.
- Test your processes: Conduct internal checks to see if your policies and procedures are being followed in practice. Are staff correctly applying customer due diligence? Are suspicious transactions being reported properly?
- Address any previous audit findings: If your last audit highlighted any areas for improvement, ensure these have been addressed. Auditors will check for progress on past recommendations.
- Consider a ‘Quick Check’ review: A cost-effective way to assess your compliance between audits is through a ‘mini audit’ or health check. This can identify potential issues early and help you stay on track. Strategi can provide this for only $1200 + GST.
Need help?
Strategi can assist with audit preparation to ensure you’re well-prepared and compliant. If you haven’t booked your next audit yet, get in touch. We also offer Quick Checks—efficient, cost-effective ‘mini-audits’ to keep you on top of your AML/CFT obligations between full audits.