Compliance Services

Regulatory Compliance Audit

We offer a compliance audit service to provide a health check and detailed review of your organisation’s compliance standards.

A regulatory compliance audit is essential for payment service providers (PSP). Whether you have a Payment Institution (PI) or E-money Institution (EMI), there are important requirements which are imposed by the regulations. In order to ensure that your business is conducted in accordance with all of the requirements, you must perform a regulatory compliance audit from time-to-time. We do provide both external and internal audit services.

Anti-Money Laundering Audit

For each company working in the financial service sector, it is essential to have proper controls and procedures which would prevent money laundering and terrorist financing. The importance of external AML compliance audit cannot be overemphasised as it allows for an impartial light to be shone on the company’s conduct. We have dedicated ICA accredited specialists who know the ins and outs of what must be implemented for the successful prevention of financial crimes. The external AML compliance audit helps to ensure that your business is following all new and old AML regulatory requirements. For payment service providers, we can advise on how to improve internal controls to prevent transaction laundering. The review of AML controls that are implemented within the company normally comprises of:

  • · A full review of the company’s AML compliance program with the UK, EU, and local laws and regulations;
  • · Testing of the company’s AML Policy and Procedures;
  • · Customer due diligence (CDD) procedure review;

· Transactional testing and evaluation of transaction monitoring to ensure that transaction laundering is prevented;

  • Sanctioning screening checks;
  • Review of the filing of suspicious activity reports;
  • Evaluation of AML training;
  • Evaluation of automated monitoring systems and management information systems;
  • Review of past audit reports and assess the efficacy of recommended implemented changes;
  • Proposal on the improvement of the current policies and procedures.

After our independent review, we will provide our expert opinion specifying any shortcomings found. Additionally, we will create the remediation plan and assist in its implementation. Frontiers Compliance is flexible regarding the type of audit you need. Please, do not hesitate to contact us if you need only one type of regulatory audit for your financial institution.

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