AML Regulation 21 Audits - All You Need to Know

Introduction

Regulation 21, also referred to as the internal control regulation, came into force with the introduction of the MLR2017.

This regulation covers the need to have a Money Laundering Compliance Officer (MLCO), the importance of screening relevant employees and, lastly, the requirement to undertake an independent audit function.

As Regulation 21 states at the beginning, ‘with the regard to the size and nature of your business…’, a lot of firms felt that they did not need the independent audit either because of the size of their firm or the type of work that they did but, these days, the SRA expect the majority of us to have one.

So, what is the Regulation 21 audit all about?

Can it be done internally, or should it be completed by an external person?

How long does it take?

What documentation will you need to produce?

If you are thinking about having an audit, this new virtual classroom seminar will give you all the information you need to make a considered decision.

What You Will Learn

This live and interactive session will cover the following:

• Why is the Regulation 21 so important?
• What are the benefits of this independent audit?
• What does it cover?
• Who can complete the audit - internal or external person?
• How long will it take?
• What documentation will be required?
• Will you get a formal report from the person conducting the audit?
• How often do you need to have one?

Quick Quiz - Test Your Knowledge: Money Laundering

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.