Independent audit

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 introduced a requirement for certain organisations to establish an independent audit function to audit their compliance with the MLR 2017. This subtopic provides guidance on establishing an independent audit function together with Precedents for use in connection with the establishment and responsibilities of the independent audit function. This subtopic reflects the requirements of the MLR 2017, as amended. It provides guidance and tools which are of general application. You should check whether the MLR 2017 contain additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to independent audit.

See Practice Note: Money Laundering Regulations 2017—independent audit function, which considers the requirement to establish an independent audit function and sets out the key responsibilities