An Illustration of the General Process
An Illustration of the General Process
Stage 1: Pre-onboarding process
All clients are subject to client due diligence (CDD).
This takes the form of questionnaires, e-verification checks, certified documents, open banking and any further checks or inquiries.
All pre-onboarding CDD inquiries have to be concluded, before the Initial Meeting and Audit Plan.
All clients are subject to client due diligence (CDD).
This takes the form of questionnaires, e-verification checks, certified documents, open banking and any further checks or inquiries.
All pre-onboarding CDD inquiries have to be concluded, before the Initial Meeting and Audit Plan.
Stage 2: Initial Meeting and Audit Plan
At this appointment, we will ascertain what your needs are, agree what is to be included in the Audit Plan, such what type of audit you seek, and the documents that we will request from you. During this appointment we will also check original documents such as passports for likeness.
At this appointment, we will ascertain what your needs are, agree what is to be included in the Audit Plan, such what type of audit you seek, and the documents that we will request from you. During this appointment we will also check original documents such as passports for likeness.
Stage 3: Documentation
We send you the Audit Plan for your Approval, inform you of the documents we will require, send the usual on-boarding documents,
details of the fixed fee plus VAT, and payment details.
We send you the Audit Plan for your Approval, inform you of the documents we will require, send the usual on-boarding documents,
details of the fixed fee plus VAT, and payment details.
Stage 4: Documentation
You provide the documents requested.
You provide the documents requested.
Stage 5: Interviews
We attend the firm and interview various staff members.
We attend the firm and interview various staff members.
Stage 6: AML File Reviews
We attend your firm and conduct the AML File Reviews.
Throughout the stages we will liaise with your MLRO.
We attend your firm and conduct the AML File Reviews.
Throughout the stages we will liaise with your MLRO.
Stage 7: Draft Report
We will prepare a draft report, speak to the MLRO/Board, and seek your responses
We will prepare a draft report, speak to the MLRO/Board, and seek your responses
Stage 8: Finalise the report and send it to the MLRO/Board
Stage 9: Implementation Follow-Up Report
If you require an Implementation Follow Up Report, this can be arranged. This is usually done 3 months after the Audit.
Disclaimer: The above is an example of an audit process, the actual process in respect of your firm might differ completely.
If you require an Implementation Follow Up Report, this can be arranged. This is usually done 3 months after the Audit.
Disclaimer: The above is an example of an audit process, the actual process in respect of your firm might differ completely.
Exclusion from the Audit Function:
It is not within the scope of the Audit function to provide legal or regulatory advice on the Money Laundering Regime, Sanctions Regime, or any other legal and regulatory matters. Therefore, we do not offer legal and regulatory advice on legislation or regulatory compliance, nor do we act as your legal representatives. The recommendations made during an audit are not to be construed as legal or regulatory advice.
Your firm remains responsible for ensuring compliance with all relevant legislation and regulatory guidance. This includes the preparation of Firm Wide Risk Assessments, Client and/or Matter Risk Assessments, as well as the development of Policies, Controls, and Procedures. If your firm requires assistance with these tasks, we commend seeking the services of a specialised firm or consultancy before engaging in an audit.
Please be aware that our role is strictly limited to conducting audits and providing recommendations based on our findings. It is important for your firm to take ownership of its compliance obligations and seek appropriate guidance when needed.
It is not within the scope of the Audit function to provide legal or regulatory advice on the Money Laundering Regime, Sanctions Regime, or any other legal and regulatory matters. Therefore, we do not offer legal and regulatory advice on legislation or regulatory compliance, nor do we act as your legal representatives. The recommendations made during an audit are not to be construed as legal or regulatory advice.
Your firm remains responsible for ensuring compliance with all relevant legislation and regulatory guidance. This includes the preparation of Firm Wide Risk Assessments, Client and/or Matter Risk Assessments, as well as the development of Policies, Controls, and Procedures. If your firm requires assistance with these tasks, we commend seeking the services of a specialised firm or consultancy before engaging in an audit.
Please be aware that our role is strictly limited to conducting audits and providing recommendations based on our findings. It is important for your firm to take ownership of its compliance obligations and seek appropriate guidance when needed.
Payment of Fees in Advance
Different stages of the process are subject to separate fixed fees plus VAT. VAT is charged at 20%. All fixed fees and VAT, CDD Admin fees and VAT(VAT is 20%), are to be paid and cleared before any work is undertaken. Thus you will need to pay for the Initial Meeting and Audit Plan and the CDD Admin fee and VAT prior to the Initial Meeting and Audit Plan, and you will need to pay for the agreed audit work and VAT before the work is undertaken etc.
Contact Us
See our Privacy Page
See our Client Due Diligence Page
Get in Touch at Any Time
Do not hesitate to contact us with any queries.
Alexander Christian
Harrow Business Centre
429-433 Pinner Road
North Harrow
Middlesex
HA1 4HN
Phone : 020 8515 2778
www.alexanderchristian.co.uk