Is it mandatory for reporting person to conduct an independent AML/CFT audit?

Yes, it is mandatory for reporting persons to conduct an independent AML/CFT audit.

Pursuant to Regulation 22(1)(d) of the Financial Intelligence and Anti-Money Laundering Regulations 2018 (‘FIAMLR’), a reporting person should carry out an independent audit to review and verify compliance with and effectiveness of the measures taken in accordance with the Financial Intelligence and Anti-Money Laundering Act (‘FIAMLA’) and regulations.