What does a full-scope AML audit evaluate?

A full-scope AML audit is designed to provide a comprehensive evaluation of an organization’s anti-money laundering compliance program. By covering all aspects of the AML compliance program, the audit assesses the effectiveness and integrity of policies, procedures, controls, and practices that the organization has in place to prevent, detect, and report suspicious activities related to money laundering and terrorist financing.

This comprehensive approach ensures that the organization is not only adhering to regulatory expectations but also has robust systems to manage risks associated with money laundering. It typically includes reviews of customer due diligence processes, monitoring of transactions, employee training, record keeping, and the adequacy of resources allocated to AML efforts. Such a detailed audit is critical for identifying weaknesses in the AML framework and ensuring that all facets of compliance are functioning effectively to mitigate risk.