AML Internal Controls Assessment Service

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Driving Compliance: Internal Controls Assessment Optimization

The first nation to enact an Anti-money laundering act was the United States. It is a law that deals with illegal activities related to money laundering and terrorist financing. Internal control for AML Assessment service is a key component of the AML regulatory and compliance program. This service helps the organization fight against Money laundering, which involves fraud, market manipulations, smuggling, embezzlement, converting dirty money sources, etc. Companies need to conduct an Internal controls assessment service to comply with the anti-money laundering regulations, more specifically, financial firms as they are more front to such money laundering activities by the customers; the Anti-money Laundering Act helps the company to fight against illegal activities on money laundering or counter-terrorist financing.

In today's financial market, anti-money laundering procedures are not only about money laundering and terrorist financing but also protecting against fraud. These fraudsters used this technique of money laundering to hide their illegal activities, making it difficult to detect and prevent fraud activities. This anti-money laundering policy development, with the help of professionals, can frame a structure on due diligence on the customer, monitoring the transactions by the customers and thus reporting the suspicious activity, which plays a significant role in detecting and preventing fraud.

Enterslice is a consultancy company comprised of certified professionals with expertise in various fields such as legal advice, risk and assurance, audit, independent testing, compliance and regulations, etc. Our professional approach, with extensive knowledge of AML audits and internal control for AML, helps multiple sectors meet the requirements. However, our service enables a unique business model for different customers based on their business structures. However, our professionals take the appropriate time to understand the subjective and underlying needs of the business, thus providing the best service to the respective clients.

Understanding AML Audit Internal control for AML

An AML audit Internal control for AML is a process of evaluating the compliance of organizations to check if they are following AML regulations and compliance with best practices. It is an audit of compliance to analyze the organization's business process, mechanism of Paper works, personnel qualifications, and control systems. The main objective of the internal control audit for AML is to check the effectiveness of the company's compliance programs or procedures, such as customer due diligence, enhanced due diligence, transaction monitoring system, internal controls, etc.

It also identifies the upcoming vulnerabilities of the organizations and thus makes recommendations for improvement of the company compliance control system and enhances the usefulness of control methods of financial crime. Audit Internal control for AML's main goal is to identify the weaknesses and gaps in the compliance of the organization.

An audit Internal control for AML of the organization is generally conducted by a third party or the company's internal audit team. The organization, with the help of the audit expert, will have a better knowledge of AML compliance and regulations interpretations. Audit Internal control for the AML team shall provide the enterprises with action plans and modules to address the weaknesses of the company and how the enterprises can control themselves. A company with an audit Internal control for AML brings peace of mind to the company management, knowing that the company is on top of the financial crime risk, thus preventing the enterprises before the money laundering damages their reputation.

Applicable AML laws and regulations in India

India has many comprehensive laws and regulations that aim to prevent illegal activities, money laundering, fraud, and market manipulations of funds. Both terrorist financing and money laundering activities have been a big concern for organizations and governments all around the world. Thus, the governments of several countries have implemented laws and regulations to fight against such illicit activities of money laundering.

Given below are the laws enforced and implemented by the Indian government to fight against money laundering activities.

  • The Prevention of Money Laundering Act of 2002
  • The Benami Transactions.
  • The Foreign Exchange Management Act of 1999
  • The conservation of Foreign Exchange and prevention of Smuggling Activities Act of 1974.
  • The RBI KYC master directions.
  • The AML guidelines on the SEBI.

Importance of Audit Internal Control for AML

Audit Internal control for AML is one of the major key elements of Anti-money laundering compliance and regulations. Audit Internal control for AML not only evaluates the company's compliance with the local rules and regulations but also protects the company from monitoring the vulnerabilities in the customer's details and its transactions. Given below are the major importance an Anti-Money Laundering Compliance audit contributes to the growth of the enterprise

  • A company not complying with the Anti-money laundering compliance and regulations results in direct and indirect loss to the company's reputation. Audit Internal control for AML by professionals protects the reputation of the company and prevents it from becoming a disaster.
  • It is like any other rule. If not followed or complied with, one should have to compensate with a fine and several other consequences; the same goes for a company not following the legal compliance or AML policies. With the help of the AML auditors,Organizations can safeguard and protect against any legal negative consequences.
  • With the advancement of technology, financial crimes are increasing day by day; the Audit Internal control for AML acts as a very important tool in minimizing financial risks and protecting companies from the risks associated with businesses, which may result in big monetary losses for the company. Enterslice service on the audit will ensure that enterprise management complies with internal and national law standards, thus protecting the company from potential risk and threats.

Internal Controls Compliance requirements

The compliance requirements for the Audit Internal control for AML vary from business to business depending on the size of the business, industry, geographical location, etc. A few of the compliance requirements to be checked and evaluated by the Audit Internal control for AML team by the financial organizations are

Compliance with Regulatory

The Audit Internal control for AML team shall ensure that the organization has a clear knowledge of the AML regulations and compliance and its changes from time to time. Thus, the Audit Internal control for AML team shall keep them updated with the new policies and their changes. Enterprises need to have a monitoring system to track any changes in the regulations and thus implement such changes promptly. The Audit Internal control for AML team shall review the regulatory fillings of the company to check if they are accurate and up to date.

Customer due diligence (CDD)

The financial institutions need to comply with the compliance due diligence to check the customer identity and its details; the Audit Internal control for AML team shall make sure that a company complies with the customer due diligence, evaluating if the enterprises are based on a risk approach. To check if the companies are equipped with enhanced due diligence on high-risk customers, for example, politically exposed persons or customers with high-volume transactions.

Transactions Monitoring

The Audit Internal control for AML team needs to ensure that the organization's transaction monitoring system is effective in detecting the suspicious activity of the customer and reporting the suspicious report to the appropriate authorities. To review the policies of the enterprises and procedures connected to transactions of large volume, cross-border transactions, etc.

Internal Controls

Evaluate the company's policies and internal control on the AML compliance and regulations, training programs, and reporting and monitoring system related to money laundering activities. The Audit Internal control for the AML team also checks and verifies if the enterprises are equipped to identify the deficiencies in reporting the internal control and to review if the audit trail is accurate and complies with AML compliance and regulations.


The AML policies on reporting shall comply with the compliance and regulations of the AML. The reporting system of the company to the appropriate authority concerned should be one key element to be evaluated by the Internal control for AML team. They should also check if the history of the reporting has been filed and managed accurately and promptly.


Only evaluating based on reports as per the software or internal format by the enterprises cannot be considered as accurate as it can be understood and realized through a testing procedure. The Audit Internal control for AML team shall conduct a test on the organization's compliance program and its procedure to evaluate its effectiveness and thus identify and prevent money laundering and terrorist financing.

AML training

Organizations shall conduct AML training and programs for both the present and new employees. The Audit Internal control for AML professionals must evaluate if the training meets the appropriate frequency of the anti money laundering programs.

Past Audits

To tailor the deficiencies in the audit policies in the present, the Audit Internal control for AML team needs to evaluate and review the history of the organization's Audit Internal control for AML, determine if the same has been addressed, and recommend appropriate solutions.

Internal control for AML Process with Enterslice

The Audit professionals of Enterslice shall consider the following things in mind while conducting the Audit for the Organisations

  • Firstly, we shall analyze and understand the local, state, and federal regulatory laws and frameworks that can be applied to the organization. The Audit Internal control for AML team needs to consider these factors before proceeding with the company's audit.
  • Secondly, we shall identify the high-risk customers and the risk profile of the organizations. Every organization differs in its nature of business, customer profile, and geographic location. Keeping these all in mind, our professional audit team shall conduct the due process of the Internal control for AML for the concerned organization.
  • Thirdly, Customer due diligence is one of the primary key elements of the company's AML compliance; our team of Internal control for AML will identify and review the organization's practice on customer due diligence and its effectiveness in identifying the risk-based approach to high-risk clients and its ongoing assessment meeting all the regulatory requirements.
  • The financial firm One of the major aspects of compliance with AML regulations is the transaction monitoring of customer behaviour and its exposure to suspicious activity. It is the responsibility of the Internal control for AML team to evaluate if the company can report such money laundering activities by the customers, and accordingly, our experts will escalate the reporting procedure if necessary.
  • After completion of the audit Report findings and recommendations, our team of audit compliance will prepare a report on the same by summarizing the findings like internal controls non-compliance; if necessary, we shall make a recommendation for improvement and implementation within a stipulated time.

Importance of AML in Financial Institutions Service

Anti money laundering helps financial institutions fight against financial crimes like money laundering by stopping criminals from engaging in transactions that are connected to illegal activities, from manipulating the market to embezzlement of the fund's source to making it a legal transaction.

The financial firm adopts AML policies to protect themselves and their customers from criminal activity. These regulations or policies help the financial sector to evaluate and verify the prospective customer identity based on their necessary papers and biometrics verification.

Anti-money laundering programs by Enterslice assist the company in monitoring ongoing customer activities to identify their suspicious behaviour. The employees are also trained to deal with and evaluate suspicious and fraudulent customer activities. The financial company needs to follow anti-money laundering policies to avoid legal consequences and fines. AML regulations stop financial crime and protect those organizations that follow them religiously.

Some of the main objectives of Anti-money laundering are to protect nations from drug trafficking, terrorist financing, corruption, fraud, tax evasion, illegal gambling, extortion, etc.

Enterslice service on Reporting and communication

Compliance reporting and communications to the concerned higher authority are very important to facilitate the board in the performance of the company and its oversight responsibilities towards the compliance risk. The reports should be such that they are understandable to the compliance committee and board about the risk exposed to the company and the importance of internal control to manage corporate risk compliance.

The Enterslice AML compliance professional shall report with the following points

  • The final result from the risk assessment that took place during the period of risk assessment. Highlight if any key changes are made with the risk profile compliance.
  • A list of summaries of breaches and incidents on various non-compliance regulations and if any deficiencies are found in the management of the compliance risk.
  • To report the evaluation made on any penalties that are imposed on the company for non-compliance by the concerned authorities.
  • Reports on the compliance evaluation made by several departments and its status if any further actions are required.
  • It is vital for the company to stay updated with the changing landscape or scenario in the regulatory approach. This report on the Internal control for AML shall keep the company updated with the changing regulations and compliance.
  • This report on AML shall recommend changes if a violation is found in the compliance and deficiencies in the internal controls.

Audit Service with Enterslice

Enterslice is a consultancy firm accompanied by professionals dealing with various services, from legal advisors to serval compliance and audit services for Organizations as well as new start-up enterprises. Our professional chartered accountants, along with the compliance team, have gained immense experience in providing service in auditing various companies' compliance and so on.

Internal control for AML of the enterprises is held or conducted by an independent third-party auditor like Enterslice or its internal audit team. We shall provide the audit service with the utmost due diligence, using our expertise to bring the best outcomes for the organizations. This Internal control for AML will be accompanied by a report presenting the company's deficiencies or weaknesses in AML compliance and regulations, hence guiding the company to make improvements and recommend the best result for its growth.

If you want to improve and strengthen your organization's AML program, Enterslice provides comprehensive AML solutions under one roof by preparing modules that will certainly improve compliance procedures and reduce false positives. Along with the Internal control for AML, Enterslice has various services like verification of customer identity, KYC eligibilities, real-time transaction monitoring, watchlist and sanctions screening, risk rating, case management, automated reporting of regulations, etc.

Frequently Asked Questions

AML internal controls are the policies adopted by banks or financial institutions designed to mitigate and manage illegal activities exposed to money laundering and thus comply with the regulatory compliance requirements.

AML assessment is the procedure to detect and identify the risk of money laundering and terrorist financing connected to a business relationship.

The auditors usually asses to the internal controls by evaluating the financial statements level and making inquiries to employees and management and thus inspecting the sources of the necessary papers.

The key components of AML internal Control Assessment are risk assessment, policies, procedures, training and awareness, CDD, EDD, etc.

Employee training is crucial to ensure that the staff of the companies are aware of the AML policies and procedures and their roles in detecting illegal and suspicious activities. Training and awareness help the company build a compliance culture within the organization.

The internal control of the company for AML is generally done by a third party or within the company management, who are independent of any areas that are exposed to the identification of potential money laundering activities.

AML's internal audit is not a financial audit but an audit of the companies' regulations and compliance with the AML program.

The AML checklist includes the screening of the customer's profile and his activities, cross-checking of the watchlist, sanctions list, politically exposed people databases, etc. This checklist assists the upper management of the company to understand more about the client's profile.

The Four Pillars of the risk assessment in the AML program are 1) internal policies development, procedures, and related control development 2) Compliance officer credibility and its designation.3) effective and thorough ongoing program.4) Effectively and timely review of the compliance.

The three stages of AML are placement, layering, extraction, integration,

Sanctions in AML are one of the crucial compliances under the anti-money laundering program. This involves checking the customer's details and transactions with various individuals’ entities, companies, or countries that are prohibited under national and international laws.

The red flag in KYC under the anti-money laundering program is an alert or signal if any transactions are linked to money laundering activities. It is one kind of warning to the organization that illegal activities over the transactions of funds are popping up.

KYC sanctions are the actions taken by the government and commerce of the respective country to prevent any person from having an official interaction or transaction with a country that has violated international laws.

The basic time taken for KYC verification is up to seven days or more, as per the discretion of the institution.

The full form of KYC is to know your customer.

KYC or Know your Customer has different types; the most common types of KYC are offline KYC, IPV(Person verification) and eKYC(Aadhar-based KYC).

In the global scenario, the AML is monitored by the FATF(the Financial Action Task Force), whereas in India, AML is monitored by the FIU-IND (the Financial Intelligence Unit of India) under the Ministry of Finance to combat money laundering activities or financial crimes.

Anti money laundering programs are to be implemented by organizations that deal with audit, tax services, finance, insolvency, sole practitioner, trust or company services, etc.

Enhanced due diligence is required by the company when there is a huge chance for the company to have a high-risk customer dealing with money laundering or terrorist financing and other market manipulations.

ECDD means enhanced customer due diligence needs to be adopted by the company if they have a potential high risk client.

Some of the types of high risk clients are complex ownership structures, persons politically exposed, family members, financial criminals, non residents, etc.

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