External Auditor’s Assessment Report on Compliance with Anti Money Laundering/ Combating Financing of Terrorism/ Countering Proliferation Financing Legislation and Guidelines (“AML Report”)
Since the issuance of the previous Anti Money Laundering (AML) Report template on April 17, 2013, a number of amendments were made to the relevant existing legislation and multiple authoritative guidelines were issued by the CBTT, TTSEC and FIU (the regulatory authorities). Moreover, the AML Report, in its previous form, was not in accordance with the requirements of International Standards on Related Services 4400 – Engagements to Perform Agreed-upon Procedures Regarding Financial Information. Cognisant of this, ICATT’s Auditing and Accounting Standards Committee (AASC) undertook a project to update the AML Report for all changes to legislations, guidelines and ISRE 4400.
A sub-committee of the AASC was formed in September 2018 to undertake this project, which began by reviewing the amended legislations, guidelines and ISRE 4400 and updating the AML Report. Following this, the revised draft report was circulated to the regulatory authorities for their feedback. After a number of meetings and review process by the regulators and the AASC, a final draft was agreed to by both parties on 6 December 2019 which has been approved by the AASC and was submitted to the Council of ICATT for approval. The updated version was approved by the Council of ICATT on January 15, 2020.
This template is to be used by all external auditors in the execution of their obligation under Regulation 10 (2) (a) of the Financial Obligations Regulations 2010 and becomes effective immediately for all reports issued after December 31, 2019.