AML Independent Audit

Comprehensive, Responsive AML Independent Audit Services

Banks and other financial institutions subject to Bank Secrecy Act and anti-money-laundering (BSA/AML) regulations are required to conduct annual independent audits of their AML compliance programs. Many institutions outsource or cosource this function since it is difficult to maintain the necessary expertise in the highly specialized areas of AML compliance and other diverse regulatory requirements.

Even large institutions with extensive resources often are challenged to stay up to date with evolving rules and regulator priorities. Of the four “pillars” of AML compliance – officers, training, internal controls, and independent audit – it is the audit that regulators most frequently cite as a weakness.

How Crowe Horwath LLP Can Help

Crowe conducts more than 100 independent AML audits every year, employing dedicated professional teams with both AML and audit expertise. These teams offer an unusual combination of specialized talents along with other important advantages including:

Comprehensive Capabilities The well-defined Crowe audit methodology is consistent with regulators’ expectations including independent testing requirements associated with the BSA and the USA PATRIOT Act, the Office of Foreign Assets Control global sanctions, and various state-level requirements.
Responsive Approach Recognizing that each client is different, Crowe quickly can tailor audit programs (including work papers, tools, and scoping processes) to meet clients’ unique needs. Crowe offers full outsource services or will cosource the effort with a financial institution’s own audit team using Crowe proprietary software and tools.
Strategic Perspective The Crowe team’s goal is to be a resource to clients on an ongoing basis and to be available for questions throughout the engagement, not just during audit fieldwork. Crowe also has the expertise and capabilities to support cross-border audits through Crowe Horwath International, our global network.

Crowe AML audit teams offer a unique blend of experienced technology, banking, and regulatory professionals.

Engagement Oversight Project Management Subject-Matter Experts (SMEs)

Engagement and Quality Assurance Executive

  • Oversees process and delivery expectations
  • Serves as client liaison and manages the engagement
  • Reviews and provides quality assurance on all deliverables
 

Senior AML Manager

  • Coordinates engagement planning, execution, and reporting
  • Consults with engagement team and management on critical review issues

AML Manager

  • Oversees and participates in execution of the testing plan
  • Leads and coordinates all aspects of the review
  • Communicates regularly with management
 

AML Compliance Specialists

  • Performs execution of detailed tests
  • Prepares findings and recommendations

AML/BSA Technology Specialist

  • Performs system validation tests
  • Prepares findings and recommendations