Money Laundering Regulations 2017—independent audit function role and responsibilities
Money Laundering Regulations 2017—independent audit function role and responsibilities

The following Risk & Compliance precedent provides comprehensive and up to date legal information covering:

  • Money Laundering Regulations 2017—independent audit function role and responsibilities

    1. 1

      Establishment of independent audit function

      The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLR 2017) require organisations subject to the regulations to establish an independent audit function where it is appropriate, having regard to the size and nature of their business. Having regard to the organisation’s size, business and the outcome of the organisation’s anti-money laundering (AML) risk assessment, the [board OR senior management team OR [other]] have decided to establish an independent internal audit function for [insert name of organisation].

      This document sets out the purpose, scope, activities and duties of the organisation’s independent audit function.

    1. 2

      Governance and reporting lines

      1. 2.1

        The independent audit function shall be led by [insert name of head of audit function], who shall report directly to the [board OR senior management team OR managing partner OR senior partner OR [other]]. Other members of the independent audit function shall report to and be supervised by [insert name of head of audit function].

      1. 2.2

        The chart in the Appendix shows:

        1. 2.2.1

          how the independent AML and CTF audit function is structured

        1. 2.2.2

          where the independent AML and CTF audit function sits relative to the organisation’s AML and CTF governance and supervision structures

        1. 2.2.3

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