What is the frequency of independent AML/CFT audit?

It is for the reporting person to apply a risk-based approach to determine the frequency of the independent AML/CFT audit. In some instances, there will be regulatory bodies which might prescribe the minimum frequency of the independent AML/CFT audit and this can vary from every 1-3 years. Nevertheless, the scope of the independent audit needs to be risk based and agreed between the reporting person and the auditor.