SERVICES
Our comprehensive advisory services guide financial institutions through the intricate process of performing specified procedures to meet the unique needs of their stakeholders.
Comprehensive Advisory Framework:
An Agreed-Upon Procedures (AUP) engagement is a specialized assurance service where Vertex Compliance, as an auditor, performs specific procedures agreed upon by the client, potentially involving third parties. Unlike traditional audits, where the auditor provides an opinion on financial statements, an AUP engagement results in the auditor reporting findings based on the agreed procedures without expressing an opinion.
As per Chapter 16.31 of the central bank regulations regarding Licensing and Monitoring of Exchange Business, Vertex Compliance conducts annual AUP on the AML/CFT Compliance function, covering all AML/CFT laws and regulations. This includes reporting findings directly to the Board of Directors (or Owner/Partners if no board exists) and submitting the report to the Banking Supervision and AML/CFT Supervision Departments within four months of the financial year’s end.
Scope of AML AUP Audit:
The scope of the AML AUP Audit includes reviewing the compliance framework, ML/FT/PF risk assessments, AML-CFT policies and procedures, and appointments of compliance officers. It also involves evaluating continuous professional development programs, internal audit reports, semi-annual MLRO reports, KYC processes, transaction analyses, and business relationships with DNFBPs and DPMS. Additional aspects include reviewing the collection of CDF, employee recruitment processes, AML training programs, transaction monitoring systems, sanctions screening systems, typology assessments, PEP & HIO checks, conflict of interest evaluations, suspicious transaction logs, record retention policies, remittance data uploads, and compliance committee meeting minutes.
Deliverables & Timelines:
Effective AUP engagements require meticulous planning and adherence to deadlines. Clear communication between the client and the engagement team is crucial for defining expectations, identifying key milestones, and allocating resources efficiently. An AML AUP engagement for exchange houses safeguards the financial system’s integrity and protects against illicit financial activities. By conducting rigorous assessments and implementing remedial actions, exchange houses can enhance their AML/CFT capabilities and maintain regulatory compliance in the evolving landscape of financial crime risks.
Why Choose Vertex Compliance?
Expert Regulatory Knowledge
Leverage our deep understanding of regulatory requirements to ensure comprehensive compliance with UAE laws.
Customized Audit Solutions
Benefit from tailored procedures that address the specific risks and complexities of your business.
Enhanced Financial Security
Our meticulous verification processes enhance the security and reliability of your financial operations.
Ongoing Compliance Support
Receive continuous support to maintain the highest standards of transparency, integrity, and
Frequently Asked Questions
Here are answers to common queries about our AML Agreed Upon Procedures, focusing on specifics of the service and its benefits.
What are Agreed Upon Procedures?
These are tailor-made tasks that we perform to meet specific compliance needs.
Why choose our AUP services?
Our approach minimises compliance risk and enhances operational transparency.
How do we ensure compliance?
We collaborate closely with regulators to maintain and update standards.
Get in touch
For more information on our tailored AML services and how they can assist your business, contact us. Learn how we can help ensure your operations remain compliant and secure.