Compliance Review
Meet your annual monitoring requirements, with a health-check from our expert review team and an action plan to address any issues identified. Choose the most suitable option below for more information:
Anti-Money-Laundering Compliance Review
Are You Prepared for an Increased Focus on Anti-Money-Laundering Compliance?
The Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 and 2013 place increased responsibilities on accountants for customer due diligence, scrutiny and reporting as an anti-money-laundering compliance measure aiming to prevent and detect money laundering and terrorist financing activities. A breach of the legislation by an accountant can, on conviction, result in a fine, imprisonment or both.
Monitoring compliance with anti-money-laundering (AML) legislation has formed part of the various institute’s quality assurance regimes for some time. However, this area is set to receive increased attention because of a recent National Risk Assessment, published by the Department of Justice and Equality, which judged the sectoral risk for accountancy service providers in Ireland to be medium-high.
In response, the regulatory bodies are being required to complete detailed annual anti-money-laundering returns and are placing increased emphasis on their AML supervisory regimes.
Stay ahead with our Anti-Money Laundering Compliance Review. By proactively addressing any weaknesses in your firm’s processes and procedures, you can confidently navigate monitoring visits. Schedule your AML Compliance Review now with our team of experts and take control of your firm’s compliance efforts.
How We Can Help
We can provide advice on a committee finding and how to approach the outcome. If you are facing a review or regulatory appeal hearing, we can help you prepare your strategy and represent you.
Our Anti-Money Laundering Compliance Review provides a health check of your firm’s current AML processes and procedures and an action plan to help you address any weaknesses identified.
During this review, we assess your firm’s written procedures, their practical implementation and the training being provided to all relevant staff. We will also review a sample of clients’ files, both new and existing, for compliance.
Peace of Mind
All our practice support executives have significant experience conducting anti-money laundering compliance reviews. We will identify any areas of weakness in your process and procedures and provide you with an action plan to address these issues and move towards best practice.
By taking a proactive approach, you can be confident that when notification of a monitoring visit from your institute arrives, you are well prepared. In addition, our report can be used as part of your annual return to your institute, demonstrating you are taking a strong and positive approach to compliance.
OmniPro’s Anti-Money-Laundering Compliance Review - In Detail
Communication is key to our review process, and our onsite review will start with a face-to-face meeting with your Money Laundering Reporting Officer (MRLO) to review the firm’s written procedures and to assess the general level of compliance to date. We will then complete an in-depth review to include:
- The firm’s written procedures
- The whole firm risk assessment
- A sample check of new and existing clients for client risk assessments and customer due diligence
- A review of internal suspicious transaction reports
- A review of reports made via GoAML to assess the conclusions reached by the MLRO prior to the decision to report
- A review of staff training for new and existing staff, and a review of previously completed compliance reviews and action points taken
- A review of previously completed compliance reviews and action points taken
Our compliance review ends as the day began with a full de-brief meeting with the MLRO and firm partners. This will be followed up with a written report highlighting any deficiencies identified and an action plan for the firm to achieve best practice.
You will benefit from the peace of mind of having an independent third party, on your side, performing a health check on your firm’s AML processes and procedures and having a practical plan setting out the steps to achieve best practice across you firm.