Independent audit

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 introduced a requirement for certain organisations to establish an independent audit function to audit their compliance with the MLR 2017.

Practice Note: Money Laundering Regulations 2017—independent audit function considers the requirement to establish an independent audit function, and sets out the key responsibilities of and best practices for the function and the differences between independent audit and your money laundering, terrorist financing and proliferation financing risk assessment. It reflects the requirements of the MLR 2017, as amended, and provides guidance which is of general application. You should check whether the MLR 2017 contains additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements.