What is an independent AML/CFT audit?

An independent AML/CFT audit refers to an independent review or assessment of a reporting person’s risk-based AML/CFT framework. It assesses whether the provisions of the FIAMLA and FIAMLR are being complied with by the reporting person and allows the reporting person to ascertain and assess the proper functioning of its risk-based AML/CFT framework over a specified period and make any required changes.