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AML Independent Audit

Welcome to Parker Russell Obaid Auditing, your dedicated partner in establishing and maintaining a robust Anti-Money Laundering (AML) Independent Audit function. This page underscores the pivotal role of an AML independent audit in ensuring the effectiveness and adequacy of internal policies, controls, and procedures related to combating money laundering and the financing of terrorism.

Key Components of AML Independent Audit:

A robust and independent audit function is a cornerstone of an effective AML/CFT framework. Designated Non-Financial Businesses and Professions (DNFBPs) are obligated to have an independent audit function in place, and Parker Russell Obaid Auditing is here to take charge of performing this critical role.

DNFBPs Obligations Regarding Independent Audit:

  • Appropriate Staffing and Organization: Ensure the independent audit function is appropriately staffed and organized.
  • Requisite Competencies and Experience: Verify that the function has the necessary competencies and experience for effective testing.
  • Commensurate with ML/FT Risks: Align staffing and competencies with the ML/FT risks to which DNFBPs are exposed.
  • Tailored to Business Size: Ensure that the audit function is commensurate with the nature and size of the business.

Ready to Strengthen Your AML Framework?

Ensure the integrity of your AML/CFT framework with Parker Russell Obaid Auditing. Contact us today to explore how our AML Independent Audit services, performed by our experienced team, can safeguard your business against financial crimes.

    How Parker Russell Can Assist:

    The independent audit function performed by Parker Russell Obaid Auditing includes, but is not limited to:

     

    • Examine Adequacy of AML/CFT and CDD Policies: Assess the adequacy of AML/CFT and Customer Due Diligence (CDD) policies, procedures, and processes to ensure compliance with regulatory requirements.
    • Assess Training Adequacy: Evaluate the comprehensiveness of training, accuracy of materials, training schedule, attendance tracking, and escalation procedures for lack of attendance.
    • Review Outsourced AML/CFT Compliance Functions: Review all aspects of any AML/CFT compliance function outsourced to third parties, including personnel qualifications, contract details, and the performance and reputation of the company.
    • Evaluate Case Management and STR Systems: Assess case management and Suspicious Transaction Report (STR) systems, including the research and referral of unusual transactions. Review policies, procedures, and processes for referring unusual or suspicious activity from all business lines to the personnel responsible for investigating such activity.

    What our Clients say?

    Over the past 3 years, Parker Russell UAE has provided an excellent audit service for our company Hisense Middle East FZE. Their staffs are very knowledgeable, professional and experienced so we get quality work at a reasonable cost. The audits were performed in a timely and extremely professional manner. Having a quality audit firm like Parker Russell UAE as our auditors ensures that our company is on the path of success

    Ms. Alicia

    Finance Manager, Hisense Middle East FZE

    Contact Us

    Ensure the integrity of your AML/CFT framework with Parker Russell Obaid Auditing. Contact us today to explore how our AML Independent Audit services, performed by our experienced team, can safeguard your business against financial crimes.

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