Representative Engagements

Anti-Money Laundering (AML) Audit

A money services business (MSB) and small dollar lender requested an independent audit of its anti-money laundering (AML) compliance program. The engagement was based on regulatory guidance and the relevant requirements of the Federal Financial Institutions Examination Council (FFIEC) Examination Procedures. We assessed the AML Program commensurate with the company’s risk profile and focused the program on the “four pillars” of AML compliance including development of internal policies, procedures, and related controls; designation of a Bank Secrecy Act compliance officer; effective training program; and independent review for compliance. As part of the engagement, we also reviewed the company’s AML risk assessment for adequacy and completeness. The MSB received a report outlining findings and recommendations for a more robust and compliant AML program.