AML Audit

Do you need help with your AML audit (or “effectiveness review”) in Canada?

Under Canadian law, money service businesses (MSBs) and foreign money service businesses (fMSBs) are required to conduct a comprehensive review of their compliance programs every two years. This "effectiveness review" or AML (Anti-Money Laundering) audit is not just a regulatory obligation—it's a vital health check for your business to detect and prevent money laundering and terrorist financing activities.

Navigating the complexities of AML regulation in Canada requires a vigilant and proactive approach. Our AML Audit Service is designed to ensure that your compliance program is robust and effective.

Service Details:

Process and Timeline

Step 1:
Document Collection (Day 1)

At this stage, we need your assistance in gathering essential documents, policies, procedures, and data related to your AML program. This stage is about bringing together everything that shapes your AML program so that we can customize our approach based on your unique situation.

Step 2:
Preliminary Assessment (~1-2 Weeks)

Our Fintech team will examine your AML program and identify any deviations from industry best practices, pinpointing specific areas where your AML program may be falling short.

Step 3:
Request Additional Information & Conduct Further Analysis (~1-2 Weeks)

During the preliminary assessment, the Fintech team may discover issues that necessitate further analysis. As a result, we may request additional documents from you to better understand your compliance systems.

Step 4:
Interview / Possible Site Visit (~1 Week)

Depending on the results of the previous steps, we may request an interview or on-site visit. The purpose of this step is to assess the competency and AML knowledge of key staff involved in the AML function. It might involve us dropping by, virtually or in person, to have a friendly chat with you and your team about how you operate your business.

Step 5:
Prepare Final Comprehensive Report (~1 Week)

At this stage, we submit the registration inputs to FINTRAC.

Required from you:

We may require the availability of your Compliance Officer and key personnel for follow-up queries.

Our Deliverables:

Detailed report summarizing our findings: We don’t just uncover issues; we provide actionable insights to enhance your AML program. The report will include our detailed assessment and recommendations for tangible improvement.

Meeting & next steps: We will schedule a meeting to review the report together and discuss any questions or concerns. We can also discuss how we can implement the changes we’ve suggested in our AML audit.


Is an effectiveness review the same thing as an AML audit?
These terms are used interchangeably.
Does FINTRAC conduct the AML audit? 
No. MSBs/fMSBs are required to conduct an independent AML audit every 2 years. FINTRAC does not conduct such audits themselves.