Independent Review Report (Audit Report)

Summary of the components of an Independent Review Report, including executive summaries, definitions, audit scope, methodology, findings, recommendations, and a color-coded compliance table for AML/CTF compliance assessment.

After the Review process, the Independent Reviewer will summarise the finding in an Independent Review Report (Audit Report). This is a critical document for demonstrating compliance with AML/CTF regulations to regulators and third parties. bronID's reports cover:

  • Executive Summary: Summarises key findings, concerns, and recommendations, providing a snapshot of policy and control effectiveness.
  • Definitions: Clarifies essential AML/CTF terms to ensure understanding across all report readers.
  • Scope: Details the extent of the audit, which can range from comprehensive evaluations of all AML/CTF aspects to focused audits on specific areas due to regulatory requests or identified deficiencies.
  • Methodology: Describes the criteria and rating system used for assessing technical compliance, execution, and effectiveness, offering insights into the evaluation process.
  • Findings: Presents detailed observations of compliance gaps, execution issues, and effectiveness areas needing improvement, with all assessments being risk-based and tailored to the entity's profile.
  • Recommendations: Provides specific, actionable advice for addressing identified issues, with both immediate and long-term solutions.
  • Colour-coded Compliance Ratings Table: Offers a visual summary of compliance, execution, and effectiveness ratings, highlighting priority areas for improvement.

This report is essential for entities to showcase their AML/CTF compliance efforts, providing a comprehensive analysis and guidance for enhancing their regulatory frameworks.

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