Independent AML Audit
We review your policies, controls and procedures, practice-wide risk assessment through interviews and risk-based file testing.
You receive clear findings and practical recommendations to strengthen your AML framework.
What's included in our Regulation 21 AML audit?
Below is a brief overview of our standard service and flexible approach. This information is intended as a general guide and is subject to change based on specific client needs. If you would like a tailored conversation, please reach out!
Preparatory Review
- Comprehensive assessment of AML Policies, Controls, and Procedures (PCPs)
- Review of internal registers
- Audit of practice-wide (R18) risk assessment
Stakeholder Interviews
- In-depth interviews with key personnel, including MLRO, MLCO, and heads of departments
- Stress testing of your current AML framework
File Reviews
- Sample file audits for each of the interviewed fee earners
- Review and feedback sessions to discuss any corrections or omissions
Closing Meeting
- High-level feedback and initial findings presented to key role holders
Written and Final Reports
- Detailed draft and final reports outlining compliance status and improvement areas
- Certification upon completion of corrective steps
Enhanced AML Audit Options:
Corrective Work
- Amendments, updates, or corrections to existing PCPs within 28 days of the final report
- Certification upon completion of corrective steps
Knowledge Mapping
- Unique firmwide knowledge mapping to identify gaps and opportunities
- Use of legal tech for deep data analysis
- Customisable questions tailored to your needs
Bespoke AML Audits for Law Firms
Not every firm has the same risk profile. We can tailor the scope of an AML audit around particular departments, matter types, risk areas or regulatory concerns, giving you focused assurance where you need it most.
Independent R21 Audits - Practical Video Session
Check out this practical session on the requirements of Regulation 21 of the Money Laundering Regulations and the considerations when deciding to undertake an internal or external audit.