Audit Program 4.0 - User Manual
3. Client Acceptance & Sanction Screening:
Initial and Ongoing AML Sanction Name Screening:
The Initial and Ongoing AML Sanction Name Screening function allows you to perform name screening searches for compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This process is essential during both client acceptance procedures (initial screening) and as part of ongoing monitoring for existing clients.
Step-by-Step Instructions:
Access the AML Sanction Screening Interface :
From the AP4.0 Wizard > AML Sanction Screening screen, locate the “Create Today’s AML Search Report” button.
Start the Sanction Name Screening Search:
– Click the “Create Today’s AML Search Report” button to initiate the search.
– The search will begin immediately, and the program will:
– Retrieve the Consolidated UN Sanction List directly from the official UN Sanctions website.
– Compare all saved client names and their associated directors, shareholders, and UBOs against the sanction list.
Search Duration and Considerations:
– The search process may take several minutes or longer, depending on the number of names to be screened.
– Ensure you allocate sufficient time before clicking the button to avoid disruptions.
– System Requirements:
– Google Chrome must be installed on the C Drive prior to running the search.
– Internet access is required to download the UN Sanction List and conduct the search.
Search Completion Notification:
– Once the search is complete, a message box will pop up confirming the successful generation of the search report.
Locating the AML Search Report:
– The search report is saved in PDF format and can be found in the following directory:
C Drive > AP4.0 folder > output folder > Step1_AML_Sanction_Screening folder > AML_Search_Report folder.
– It may also be found by opening the shortcut to the folder placed on Desktop.
– The file name will include the date and timestamp of the search (e.g., `AML_Search_Report_2025-01-18_10-30AM.pdf`) for easy identification.
Contents of the Search Report:
– The report contains:
– Names Searched: A detailed list of all client names, directors, shareholders, and UBOs screened.
– Search Results: Whether there are matches or no matches found for each name against the UN Sanction List.
– Consolidated UN Sanction List: A copy of the UN Sanction List used for the search, attached to the report for reference.
Use Cases:
– Initial Name Screening:
Perform this search before issuing the audit engagement letter for new clients or before commencing audit planning work for existing clients as part of engagement continuance procedures.
– Ongoing Name Screening:
Conduct this search periodically as part of ongoing monitoring. The frequency of ongoing searches should align with your firm’s AML Procedures Manual.
Additional Notes:
– Search Credits: Credit deductions are based on the frequency of searches, not the number of names searched.
– System Requirements Reminder: Ensure Google Chrome is installed on the C Drive and that your system has stable internet access before initiating the search.
By following these steps, you can efficiently perform both initial and ongoing AML sanction name screenings, ensuring compliance with regulatory requirements and maintaining a robust monitoring system for your clients.