AML audit services provided by EA Compliance Inc.

EA Compliance Inc. provides independent AML audit services to test your firm's AML compliance program. We are a qualified service provider with the experience and educaton necessary to perform various AML program performance audit functions. Our philosophy is that the AML audit process strengthens or improves a client's AML program, and our goal is to help our clients with their AML compliance issues in the most efficient and cost-effective manner.

What does an independent AML audit consist of?

An independent AML audit conducted by EA Compliance is a test of a firm's AML program. It is not a financial audit but a test to see whether a firm has an appropriate program and is doing what they say they are doing.
An audit performed by us generally includes the following:
  • Full review of your company's AML compliance program manual,
  • Testing of your AML policies & procedures,
  • A review of the client's Customer Identification Procedures (CIP),
  • If indicated, transactional testing & evaluation,
  • OFAC checks, and record retention practices,
  • A review of FinCEN related filings (e.g. CTRs & SARs),
  • Evaluation of AML training programs,
  • Evaluation of automated monitoring systems and management information systems,
  • A review of past audit reports to assess the efficacy of recommended Implemented changes,
  • A review of the adequacy of AML risk-assessment procedures of the AML program.
Once we conduct an independent performance audit, we deliver the following to the client:
  • An exit interview for management, as indicated by our field work,
  • A written report with point-by-point comments of audit findings,
  • Recommendations to improve the client's AML program as needed.

Why does my business need an independent AML audit?

Pursuant to the USA PATRIOT Act and Bank Secrecy Act, an annual independent AML program audit is one of the cornerstones of any AML program and self-regulatory organizations and federal regulators enforce Anti-Money Laundering program standards.

Why hire an independent third-party performance auditor when members of your own staff can conduct an AML audit?

There are three elements a qualified independent third-party auditor can provide:
  • Expertise - Our AML specialists have the field experience and compliance knowledge to perform your firm's AML audits. Many smaller firms do not have qualified employees to test an AML program and are independent of areas exposed to potential money laundering risks.
  • Time - Using internal staff to complete an AML audit takes valuable time away from their regular duties. We perform our audits promptly with minimal interruption to your business.
  • Cost - We bring the expertise necessary to perform this audit in a professional, valuable method without your internal staff having to learn about this type of performance audit. We tailor our services to meet the needs of any sized business that wants its AML audit to be professional and cost-effective.