Walkers Bermuda: Independent AML Audit Service

It is an annual requirement for regulated financial institutions in Bermuda to conduct an independent anti-money laundering ("AML") audit. The purpose of the audit is to provide both the organisation and the regulator with assurance that its operations are compliant with AML laws, regulations and any associated guidance (the "Bermuda AML Framework"). If an organisation fails to implement adequate processes, procedures and controls, it could face financial penalties, publicly reported enforcement action and reputational damage.

Compliance originates from regulation, but the manner in which an organisation discharges its compliance obligations ultimately impacts both the operations and customers of the organisation.

 

What are the key benefits of an Independent AML Audit?
  1. Regulatory Assurance: A comprehensive independent AML audit conducted by qualified compliance professionals should not only allow an organisation to fulfil a regulatory obligation, it should also help the organisation to minimise the risk of regulatory enforcement issues and reputational exposure.

  2. Process Optimisation: Outdated compliance processes can lead to an over-allocation of resources, which can negatively impact revenue, margins and capacity. An independent audit by qualified AML professionals should provide an organisation with maximum value. It should deliver practical, risk-based recommendations to promote efficient internal processes, increased competitiveness and increased profitability.

  3. Customer Experience: Onerous compliance requirements caused by inefficient and outdated compliance processes can negatively impact customer experience and onboarding competitiveness. Unnecessary and cumbersome barriers to the creation of the business relationship can adversely affect first impressions.

 

Why Walkers?

In Bermuda, Walkers is unique. We provide combined regulatory compliance and regulatory legal solutions tailored to the individual needs of our clients. Our compliance professionals are highly qualified and experienced and have a proven track record of delivering results across a range of industries.


How can Walkers Help?

For more information on how Walkers can help you run a comprehensive and effective AML audit, please contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..

 

Contact Us

 

For more information on Walkers' services, please view:

Walkers' Regulatory Compliance Services 

10 AML Tips for Bermuda's Fintech Industry 

Walkers Bermuda Launches Online AML Training Solution 

Viewing the AML audit as a benefit not a burden - The Royal Gazette

How should digital asset businesses approach AML/ATF in Bermuda? - The Royal Gazette

 


BERMUDA
April ThomasDirectorT +1 441 242 1539 april.thomas@walkersglobal.com
Michael WynneSenior Vice PresidentT +1 441 242 1542 michael.wynne@walkersglobal.com

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