Under the UK Money Laundering Regulations 2017 (MLR 2017), firms must take a structured, risk-based approach to preventing money laundering and terrorist financing. Regulations 18 and 21 sit at the heart of this framework, linking your firm’s risk assessment to an independent review of how effectively those risks are managed.
An independent audit function, either internal or external, designed to assess the effectiveness of your AML policies, procedures, and controls.
Regulation 21 applies “where appropriate” based on the size and nature of your firm. In practice, most firms carrying out regulated work are expected to have an independent AML audit in place.
What the audit covers
Reviewing and evaluating your AML policies, procedures, and controls
Assessing whether they are effective and compliant with MLR 2017
Making clear, practical recommendations for improvement
Monitoring and reporting on the implementation of those recommendations
Our Regulation 21 Audit Service provides assurance that your AML framework is not only compliant on paper, but working effectively in practice.
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