Question 1

How often should an AML audit be conducted?

Accepted Answer

At least one independent AML audit per year is recommended. For larger businesses or higher regulatory risks, semi-annual audits are ideal. Regular audits identify and remediate gaps before regulatory inspections.

Question 2

What are audit reports used for?

Accepted Answer

Audit reports document current compliance status and recommendations, serving as preparation for regulatory inspections, management reporting, and board presentations to demonstrate institutional commitment to compliance.

Question 3

What are the advantages of outsourced compliance officer services?

Accepted Answer

Outsourced compliance services can save 60–80% compared to a full-time hire, while providing institutional-grade service backed by multiple senior consultants. Especially suitable for small and medium-sized licensed institutions.

Question 4

Are outsourced compliance officers recognised by the SFC?

Accepted Answer

Yes. The SFC allows licensed corporations to appoint outsourced compliance officers, provided they meet SFC's qualification requirements and are reported to the SFC. Our compliance officers have the relevant qualifications.

Question 5

What are the SFC CPT requirements?

Accepted Answer

The SFC requires licensed representatives to complete at least 5 hours of qualifying CPT training per year, with at least 2 hours on regulatory compliance. Failure to meet CPT requirements may affect licence renewal eligibility.

Question 6

What are the specific requirements for staff AML training?

Accepted Answer

AML training requirements vary by regulator, but generally include: induction training for new staff, at least annual AML refresher training for all relevant staff, and enhanced training for high-risk roles. Records must be properly maintained.

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