compliance effectiveness reviews

Companies with responsibilities to AML legislation must generally complete a Compliance Effectiveness Review at least once every two years. FINTRAC's stated policy is that a review must start no later than two years after the start of the preceding examination. You might conduct a review more frequently - let's say annually, because of the expectations of your board of directors, your financial services providers or after significant non-compliance has been observed to ensure effective remediation. The AML Shop offers an ongoing review service, for which we conduct procedures throughout the period using intelligent data analysis, to catch control weaknesses early before they pose real risks to the business. For all reviews, our goal is to help clients move up the compliance maturity curve, so that programs become predictably and reliably effective. In all cases, we leverage intelligence gained from reviews from your peer group, as well as our extensive involvement in regulatory examinations over the past 15 years.