What is included in Audit & Assurance Services for SEMIs?

Audit & Assurance Services for SEMIs include reviews of AML/CTF controls, transaction monitoring, governance and risk oversight, safeguarding of customer funds, gap analysis, and practical recommendations for compliance improvements.

Why does a SEMI need a safeguard audit?

Because safeguarding customer funds is a regulatory obligation, ensuring that funds are properly managed, segregated, reconciled and documented. A safeguard audit verifies that these controls are in place and effective.

What is the purpose of governance & risk management audit?

To assess whether the institution has the appropriate governance structure, risk framework, board oversight and escalation mechanisms to manage regulatory and operational risks appropriately.

How are gaps identified and what happens after gap analysis?

Gaps are identified by comparing existing controls, policies, procedures, and performance against regulatory standards and best practices. After gap analysis, recommendations and remediation plans are developed to address deficiencies.

How often should SEMI conduct audit & assurance reviews?

It is recommended to carry out audit and assurance reviews at least annually, or more frequently if there are changes in regulation, the business model or if significant compliance incidents occur.

Audit & Assurance Services for SEMIs | E-Money Institution Support

Audit & Assurance Services

Regulatory compliance is not a one-time achievement but an ongoing commitment. For Small Electronic Money Institutions (SEMIs), demonstrating strong governance, effective risk management, and robust compliance systems is crucial for building regulatory trust and ensuring operational resilience. ABM provides a comprehensive suite of audit and assurance services tailored to the unique challenges faced by SEMIs. Our audits go beyond box-ticking; they provide actionable insights, highlight weaknesses, and prepare your institution to meet FCA expectations with confidence.

Our services include:

AML Audit

We assess the strength of your anti-money laundering controls, transaction monitoring systems, customer due diligence (CDD) processes, and overall AML framework in accordance with the FCA’s regulatory expectations and MLR 2017.

Safeguard Audit

Independent review of how client funds are safeguarded, verifying segregation practices, reconciliation processes, and safeguarding account setup—ensuring compliance with the E-Money Regulations (EMRs).

Governance & Risk Management Audit

A top-down review of your governance structure, policies, and board oversight to identify gaps, strengthen accountability, and enhance resilience against financial and operational risks.

Independent Internal AML Audit

A deep-dive audit focused on AML controls from within. We test the real-world application of your policies and procedures, identify deficiencies, and prepare you for FCA assessments and audits.