What is the typical required frequency for conducting independent AML audits?

The typical required frequency for conducting independent AML audits is often set at every 12 to 18 months. This timeframe reflects the need for organizations to regularly assess and ensure the effectiveness of their Anti-Money Laundering compliance programs. Conducting audits within this interval allows for the identification of potential shortcomings or areas needing improvement in a timely manner, which is crucial given the evolving landscape of financial crimes and regulatory expectations.

Scheduling audits every 12 to 18 months strikes a balance between oversight and operational feasibility, allowing organizations to continuously adapt to changes without overwhelming resources. This frequency is generally recognized as a best practice among regulatory bodies and compliance experts, ensuring that institutions maintain robust controls while minimizing the risk of non-compliance with relevant laws and regulations.