Recorded Live Webinar: The Benefits Of A Regulation 21 Independent Audit

A 1-hour recording of our live webinar with Jo Morris. This webinar discusses the release of the Money Laundering Regulations in 2017 came a new Regulation 21, often referred to as the internal controls regulation.

This regulation covers the need to have a Money Laundering Compliance Officer (MLCO), the importance of screening relevant employees and, lastly, the requirement to undertake an independent audit function.

The SRA states that the purpose of an independent audit is to examine the adequacy and effectiveness of a firm’s AML controls and procedures. As Regulation 21 states at the beginning – ‘with the regard to the size and nature of your business …….’ lots of firms felt that they didn’t need the independent audit either because of the size of their firm or the type of work that they did but, these days, the SRA expect the majority of firm’s to have one.

So, what is the Regulation 21 audit all about? Can it be done internally or should it be completed by an external person? How long does it take? What documentation will you need to produce? What are the benefits of the audit?

If you are thinking about having an audit, this one hour webinar will give you all the information you need to make a considered decision.

Learning Objectives:

• Regulation 21 of the MLR2017 – what does it say?
• Why have this audit – what are the benefits?
• What does it cover?
• Who can complete the audit – internal or external person?
• How long will it take?
• What documentation will be required?
• Will we get a formal report from the person conducting the audit?
• How often do we need to have one?