Need to Schedule your 2012 AML Audit?

If you are a FINRA member, FINRA Rule 3310 requires that each firm have an independent anti-money laundering examination annually. FINRA defines annually as being on a calendar year basis. Whether you need immediate help to complete your AML audit or have plenty of time to get it scheduled, Cobia can help. We are located in Houston, Texas and have easy access to both international airport and regional airports.

Cobia uses only associates with extensive broker-dealer compliance experience. Its associates have served as chief compliance officers, anti-money laundering compliance officers, branch auditors, and in-house attorneys. They have taken extensive continuing education on the subject of anti-money laundering in the form of webinars, AML conferences, and seminars. Additionally, several hold the distinguished Anti-Money Laundering Specialist (ACAMS) designation.

How does the process work and what is the scope of your AML audit?

Upon engagement, Cobia will work with your broker-dealer to determine the schedule for the AML audit and also discuss any known problem areas where you may want focused attention. A pre-audit request list will be provided so that most documents can be ready for review upon our arrival. Examples of what the AML audit will cover include a review of the following:

• AML Policies and Procedures
• Customer Identification Procedures (CIP)/Know Your Customer (KYC)
• Suspicious Activity Reports (SARs)
• Employee AML Training
• AML Exception Reports

How long does the audit last and what will it cost?

An average AML audit requires no more than one week of on-site work and typically another week of off-site work. The length of the AML audit depends on such factors as the size of the firm, number of clearing firms, number of accounts, and types of business. Cobia will work with the broker-dealer to prepare a proposal that includes a maximum fee based on the number of hours estimated to complete the AML audit.