Services > AML Audit
AML Audits
We provide AML/CFT Audits across New Zealand. Please contact us for a competitive quote. Camco Partners is the only specialised AML firm where its partners have an audit background, so we are well placed to assist you with your independent AML/CFT Audit.
The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) requires you to have your Risk Assessment and AML/CFT Programme independently audited every two years, or at any other time at the request of your AML/CFT Supervisor.
The independent audit is to verify that your Risk Assessment identifies the money laundering/terrorist financing risks faced by your business, that you are keeping the assessment current, and that you are effectively determining the levels of risk faced by your business. In essence the independent audit of the Risk Assessment and AML/CFT Programme is intended to check that you are implementing your programme effectively.
What is involved in an Audit?
The audit covers a review of your Risk Assessment and AML/CFT Programme to ascertain that it meets the requirements of the AML/CFT Act and Codes of Practice issued by the AML/CFT Supervisors. Following this review we will test that your AML/CFT Programme is functioning as intended.
Independant
The AML/CFT Act states that the person who conducts the audit must be independent, and not involved in the development of your Risk Assessment, or the establishment, implementation or maintenance of your AML/CFT Programme.
Our approach
When you engage us we will provide an Engagement Letter which will detail the “Agreed upon Procedures” that will form the basis of our audit report. The Agreed upon Procedures provides you with transparency as to what we will be reviewing and testing from the outset. This will enable you to test your own compliance during the reporting period to ensure that you continue to meet your obligations. This is important as your AML/CFT Supervisor could conduct their own audit at any time, and this will aid you in being prepared.
Audit report
We will issue you with a draft report that gives you the opportunity to correct anything that we may have misinterpreted. After this process has been finalised we will issue you with our Independent Audit Report.