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On the 18th October 2021, the FIAU issued the revised version of the Implementing Procedures Part I, which finalizes the consultation document released back in March 2021.
In today’s world of tightening regulations and an evolving risk landscape, companies are facing increased pressure to comply with Anti Money Laundering (AML) regulations in order to avoid hefty fines, reputational risk and disruptions to their operations. Consequently, now more than ever, companies require assurance that their AML control framework is strong and tight enough to prevent and to detect instances where their business can be used to clean money or to finance terrorism. Internal audit may provide this assurance to the company by assessing its AML control framework. It will also...