Get AML audit ready now, save yourself the headache later

With the UK’s AML and CTF requirements firmly in place, being prepared for an audit has never been more important. Whether your business is already regulated or gearing up for its first audit, here’s what UK businesses need to know to remain compliant and audit ready.

Why AML auditing matters in the UK

In the UK, all regulated entities—including banks, estate agents, solicitors, accountants, and others—are required to operate a compliant AML/CTF programme, report suspicious activities, retain records for at least five years, and undergo regular independent audits. The Financial Conduct Authority (FCA), HM Revenue & Customs (HMRC), and other supervisory authorities actively inspect compliance programmes, and penalties for non-compliance can be substantial.

Even if your audit isn’t imminent, having the right technology partner, such as APLYiD, enables you to run thorough customer due diligence (CDD) checks, simplifying the process. We help demystify compliance by delivering secure digital onboarding and AML checks ensuring your business remains compliant with confidence.

What’s covered under UK AML/CTF law?

UK legislation applies to a wide range of sectors, including financial institutions, law firms, estate agents, accountants, and more.

• Your business must have a risk-based AML/CTF programme, tailored to your operations and regularly reviewed and updated.
• Customer Due Diligence (CDD): You must identify and verify your customers and beneficial owners, with enhanced checks for high-risk individuals such as politically exposed persons (PEPs).
• You must maintain robust record-keeping practices. All records related to transactions and CDD must be kept for at least five years.
• Suspicious activity reports (SARs) must be submitted promptly to the National Crime Agency (NCA).
• Regular, independent audits of your AML/CTF programme are required, typically at least every two years or as directed by your supervisor.

These requirements might seem complex, but APLYiD can help you remain compliant with a platform that helps streamline client onboarding and verification.

Your UK AML audit-ready checklist

• Confirm your business is registered and reporting to the correct UK AML/CTF supervisory authority (e.g., FCA, HMRC, or a professional body).
• Develop and maintain a risk-based AML/CTF programme, approved by senior management.
• Schedule regular independent AML audits by a qualified party not involved in developing your programme.
• Carry out customer due diligence (CDD) with identity verification checks. APLYiD streamlines this with instant biometric verification.
• Report suspicious activities and prescribed transactions promptly to the NCA.
• Retain all records, transactional and CDD, for at least five years.
• Ensure staff receive ongoing AML training, and that clear compliance policies and strong leadership oversight are in place.

Auditing red flags

• Leaving audit prep till crunch time can grind your business to a halt while you scramble for documents. Ensure your checks are compliant and stored securely from day one and make audits a breeze.
• If your team is using different methods or missing crucial steps for ID checks you’re exposed. APLYiD can help standardise the verification process with compliant workflows.
• Staff turnover is inevitable. If all your compliance knowledge walks out the door, business continuity is at risk. APLYiD’s people-friendly platform helps new team members pick up AML processes where others left off.
  

Stay audit-ready with APLYiD

Putting the right technology in place can help you get ahead of the changes and reduce the admin load on your staff. APLYiD offers no nonsense AML compliance – stay compliant with confidence, with streamlined onboarding and customer due diligence.