ARTICLE · 22 JUNE 2022

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The Importance Of Carrying Out Regular Independent AML Audits

KPMG Malta

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The importance and the benefits of carrying out regular independent AML Audits.

MaltaGovernment, Public Sector

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The state of constant flux of the AML/CFT legal and regulatory landscape necessitates a dedicated function to assess the level of compliance and effectiveness of subject persons' policies, procedures, measures, and controls from time to time. External independent AML audits are key to uncovering the major pain-points surrounding the subject persons' AML/CFT procedures and controls, by providing an objective, impartial perspective, and unbiased understanding of the subject persons' AML/CFT strategy. External independent AML audits can assist subject persons to ensure the swift identification and appropriate mitigation of risk, to elicit an authentic understanding of the subject persons' standing in terms of AML/CFT compliance, assist subject persons to keep up with the pace of regulatory and legislative change, and devise remedial action-plans to implement and maintain the evolving requirements in practice.

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