AML Audit
Know How
Crypto
Our
Expertise
and Internal Auditor as a Service for
Crypto Asset Service Providers
/. With CAMS certified professionals in Niche Crypto Market.
Since 2021 CAML has successfully consulted and assessed over 80 Fintechs and trained almost 100 AML professionals in Lithuania.
Speed &
Action
Our
Expertise
/. Adapting to every Project with multiple people engaged.
Our boutique size allows us to be flexible, but the sizable access to all AML specialists gives us nitro speed to fasten the internal processes and cover any gaps or unexpected absenses.
Audit+
Value
Our
Expertise
/. Finding to Add Value with Packages and Expertise.
Our boutique size allows us to be flexible, but the sizable access to all AML specialists gives us nitro speed to fasten the internal processes and cover any gaps or unexpected absenses.
How is the AML Audit process like?
Set Objectives and Gather Information
Define the scope, objectives, and timeline of the AML audit. Collect key documents, policies, and previous audit reports to understand the institution’s AML framework and risk profile.
Our Appraisal: 10-20 hours
Based on past projects in Lithuania within Fintech industry.
The Importance for AML Audit
IN LITHUANIA
When acting as an operational Financial Institution in Lithuania/Europe, the company must follow its Regulatory regime both the local Legal obligations, European regulations and for the Internal Risk management.
Lithuanian AML Legal Obligations
Compliance with Domestic Law
Lithuania’s Law on the Prevention of Money Laundering and Terrorist Financing mandates financial institutions to perform periodic audits, and include:
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Risk assessments and mitigation strategies.
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Customer due diligence (CDD/KYC) and transaction monitoring.
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Reporting of suspicious transactions to the Financial Crime Investigation Service (FCIS).
Failure to conduct audits risks regulatory penalties, ie. fines exceeding €200,000 and license revocation.
MiCA Regulation Requirements
EU-wide Regulation for Markets in Crypto-Assets (MiCA) extends AML obligations to crypto asset service providers (CASPs). Key requirements include:
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Mandatory Audits: CASPs must perform AML audits to verify compliance with enhanced due diligence, transaction monitoring, and sanctions screening.
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Licensing Precondition: Audits are essential for obtaining and retaining MiCA authorization in Lithuania.
Failure to present an AML audit may result in a decline MiCA application, and post-licensing with regulatory penalties.
Risk Mitigation & Penalty Avoidance
​An Internal Process that typically is performed by the Chief Compliance officer and the Internal Auditor, their functions include:
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To identify gaps in AML programs, reducing exposure to financial crimes and regulatory sanctions.
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Supervise and Actively stress-test company internal processes and procedures.
Under MiCA, non-compliant CASPs face license withdrawal and fines up to €5 million or 5% of global turnover