Regulatory Alerts2006-09-22
Added
Frequently Asked Questions Conducting Independent Reviews of Money Services Business Anti-Money Laundering Programs
Money services businesses must establish anti-money laundering programs that include an independent review to monitor and maintain program adequacy, with scope and frequency commensurate with the entity's risk profile. The review may be conducted by an officer or employee who is not the designated compliance officer or reporting directly to them, rather than requiring a certified public accountant or outside consultant. The independent review must provide an unbiased appraisal of policies, internal controls, and training, and the results must be documented and made accessible to government examiners and law enforcement personnel.
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