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16.31 Independent Audit/Agreed-Upon Procedures on AML/CFT Compliance Function

C 33/2018 STA
16.31.1The Compliance Officer’s function must undergo regular audit by the Internal Audit Department. Internal audit findings must be reported to the Board of Directors (or to the Owner/Partners where there is no Board of Directors).
 
16.31.2External Auditors must perform Agreed-Upon Procedures on the AML/CFT Compliance function annually which cover all the requirements of the AML/CFT Laws and Regulations, in particular this Chapter, and report their findings directly to the Board of Directors (or to the Owner/Partners where there is no Board of Directors). The Licensed Person must submit a copy of this report to the Banking Supervision Department and the AML/CFT Supervision Department via email respectively to info.ehs@cbuae.gov.ae and amlcft@cbuae.gov.ae within four (4) months from the end of each financial year.
 
16.31.3The Board of Directors (or the Owner/Partners where there is no Board of Directors) must ensure that appropriate actions are taken by the Compliance Officer, Manager in Charge and other functional heads to resolve findings of internal and external auditors in a timely manner. The Board must have in place procedures that are reasonably designed to ensure timely remediation of findings which may include time bound action plans, periodical review, follow ups.