Top 5 AML Audit Tips for Improving Your AML Process

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Credas have partnered with a panel of independent regulatory experts – to provide an AML audit service.

Credas helps hundreds of businesses across the UK with identity verification and Anti-Money Laundering (AML) checks.

We’ve found that although most of our customers manage their due diligence to a basic standard – an annual audit is widely missing from their AML procedures.

From working with our expert panel, we’ve got some top tips on auditing your AML process.

So, let’s get into it. Here are our top 5 AML audit tips:

1. Find an expert.

Look for an auditor or company which has specific expertise in Money Laundering Regulations to ensure that you are getting an audit which is fit for purpose.

2. Be honest.

Don’t embellish what you have or don’t have in place.

An AML audit will improve your AML compliance and ensure that you don’t fall foul of the regulations.

3. Involve the team.

Get your employees involved in the process, and kept informed on what is happening.

Make sure they understand the importance of an audit and its findings. Its an essential part of the 4th Directive and one which should help you manage and mitigate risks in the following year’s business.

4. Take advice.

When you receive recommendations following your audit – take action!

Do not waste time and money on an audit that isn’t used to make a positive difference to your business. Act on the advice of the audit and make some positive changes to improve on how AML compliant you are.

5. Take action. Do it Now.

The 5th AML Directive is coming into force in January 2020, and your need for an audit and customers and staff risk assessments is a significant part of that Directive.


Not sure if you need an AML audit?

5MLD enhances the requirements outlined in the 4th directive. If your business is not aligned, you’ll struggle to be ready.

We have a dedicated panel of independent auditors and experienced compliance consultants, who can provide expert assurance and peace of mind.

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