Bank Statutory Audit
Statutory central and branch audit for public sector, private and co-operative banks.
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Banking & Financial Services
KYC & AML Audit
Customer due diligence, risk categorisation, record-keeping and transaction monitoring, tested against the applicable KYC and anti-money-laundering directions.
Overview
KYC failures are rarely dramatic. They are missing re-verifications, customers never re-risk-rated, alerts closed without a reason recorded, and beneficial ownership taken on trust. Each is minor alone; together they are exactly what an inspection finds and what a penalty attaches to. A KYC audit tests the file population rather than the policy document.
What this covers
How we help
Customer due diligence review
Testing of onboarding CDD and enhanced due diligence against the applicable directions.
Risk categorisation
Whether customers are risk-rated, and periodically re-rated, on a defensible basis.
Periodic KYC updation
Coverage and timeliness of re-KYC across the customer base.
Beneficial ownership
Identification and verification of beneficial owners for non-individual customers.
Transaction monitoring and alerts
Alert generation, disposition quality and the audit trail behind closures.
Reporting obligations
Completeness and timeliness of prescribed regulatory reporting.
Record retention
Retention and retrievability of identification and transaction records.
Common questions
KYC & AML Audit — questions we are asked
The population, not the policy. We sample real customer files and real alerts and test whether due diligence was performed, evidenced and repeated as required, whether risk categorisation is applied and refreshed, and whether alert closures carry a documented rationale. A compliant policy with non-compliant files is the most common finding.
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Talk to us about kyc & aml audit
A short conversation is usually enough to establish whether this is the right route, and what it would involve.