MAS has set out guidance and highlights the good practices to enhance the effectiveness of financial institutions’ (FIs’) Anti-Money Laundering/Counter Financing Terrorism (“AML/CFT”) audit to provide an independent and regular assessment of the effectiveness of their AML/CFT policies, procedures and controls, and compliance with MAS’ requirements.

The Company should take the guidance of the given audit scope and areas into consideration when determining the scope of their regular audits as well as the approach to take to validate the effectiveness of existing controls.

The Company should conduct a gap analysis of its existing audit practices against the practices set out by MAS, as well as the Anti-Money Laundering Audit Peer Group (“AAPG’s”) Best Practice Paper referred to below.

How does Alpha Compliance help your Company to conduct an AML/CFT Audit?

Alpha Compliance has a dedicated internal audit team to assess fiduciary, contractual, and compliance requirements under regulations. The team utilizes it deep and cross-sectional experience in executing the work.  

Source: circular-on-audit-of-amlcft-policies-procedures-and-controls.pdf