If you are an AMLCO or CCO who must justify the cost of your firm’s annual independent AML audit, the PDF Download FINRA 2010 AML Audit fines should help you. The cost of not conducting an independent anti-money laundering audit is steep. The PDF contains excerpts compiled from 2010 FINRA Monthly Disciplinary Reports. Fines were imposed for either not conducting AML audits or conducting audits that were not independent. Here are some quick quotes:
“The findings stated that the firm failed to conduct independent testing for its AML program for one year”
“failed to perform the required independent AML testing for two years and performed an inadequate test another year”
“did not use an independent third party to conduct the firm’s AML tests”
