Internal assurance is defined as “a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control, and corporate governance processes in the organisation.”

It’s a way to check that you’re doing AML correctly and aren’t making mistakes that could expose your business to risk.

Assurance is a requirement under section 57(I) of the AML/CFT Act, so all reporting entities should be completing it. But it’s also an excellent way of giving you confidence that you’re getting AML right.

Internal assurance is completed in line with your Compliance Programme. Frequency may be monthly or quarterly.