Summary of the AML/CTF Independent Audit Methodology

Description of the key indicators that are included in the Independent Audit Report

As part of the Independent Audit, bronID assesses three key indicators:

  1. The assessment of technical compliance addresses the specific requirements of the relevant AML/CTF laws and regulations, and your compliance with these requirements. This part of the assessment focuses on estimating if you have designed the policies, procedures, and controls to prevent your business from being abused for ML/TF. These represent the fundamental building blocks of your AML/CTF system;
  2. The assessment of the level of execution which estimates to what extent you are following the designed set of policies, procedures and controls;
  3. The assessment of the level of effectiveness which differs fundamentally from the evaluation of technical compliance and the level of execution. It seeks to assess the adequacy of the implemented policies, procedures and controls and identifies the extent to which you achieve a defined set of outcomes that are central to a robust AML/CTF system. Therefore, the focus of the effectiveness assessment is on the extent to which the set policies, procedures, and controls are producing the expected results.

The assessment of all three aspects outlined above presents an integrated analysis of the extent to which you are compliant with the relevant AML/CTF laws and regulations, and how successful you are in maintaining a robust AML/CTF system, as compulsory by the regulatory requirements.

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