AML SUPPORT FOR CREDIT UNIONS
AML Support for Credit Unions
Practical AML support for a safer, stronger credit union.
WDA provides independent, practical AML support to help Credit Unions meet their regulatory obligations, strengthen their frameworks and build confidence across the organisation. We work closely with Boards, MLROs and management teams to understand your existing arrangements, identify areas for improvement and develop proportionate, risk-based solutions tailored to the size, structure and risk profile of your Credit Union.
Our support can include AML framework reviews, risk registers, risk appetite statements, compliance monitoring, assurance testing, Board and MLRO reporting, governance reviews and training.
Helping Credit Unions Navigate an Evolving AML Landscape
Credit unions face increasing regulatory expectations and growing financial crime risks.
We work with Boards, MLROs and management teams to develop and maintain robust, proportionate AML frameworks that reflect your credit union’s size, structure and risk profile.
Our support spans implementation, review, assurance testing, monitoring and reporting — helping you manage risk, demonstrate compliance and build confidence across your organisation.
From Initial Set-Up to Ongoing Assurance
Our AML support is structured around two key stages — establishing a strong and practical AML framework, followed by ongoing assurance, monitoring, testing and reporting.
Stage 1 – Initial Set-Up
We help your credit union establish a structured AML framework, with the registers, policies, reporting arrangements and monitoring plans required to support effective AML compliance.
AML Set-Up & Implementation
We support the design and implementation of a practical AML framework tailored to the requirements of your credit union.
AML Risk Register
Review or development of an AML Risk Register incorporating the key inherent and residual risks relevant to your credit union.
AML Risk Appetite Statement
Development of an AML Risk Appetite Statement for Board approval, incorporating risk appetite, risk capacity and risk tolerance.
AML Compliance Register
A structured compliance register aligned with the relevant AML obligations applicable to the credit union.
AML Libraries & MLRO Reports
Creation of practical AML libraries to support training, documentation, reporting and ongoing MLRO oversight.
Internal Audit Recommendations
Where AML findings have been identified through Internal Audit, we can assist with recording, tracking and updating their status.
AML Assurance Testing
Development of an assurance testing schedule covering the key AML controls and areas of risk within the credit union.
AML Monitoring Schedule
Preparation of a structured monitoring programme covering relevant AML risk areas, transactions and trigger events.
AML Governance
Review of AML governance arrangements, responsibilities, Board oversight and relevant management information.
Training & Handover
Practical training and handover support for the MLRO and relevant personnel to help embed the AML framework effectively.
Stage 2 – Ongoing Assurance, Testing & Reporting
Once the AML framework is established, WDA can provide ongoing review, assurance and reporting support to help ensure it remains effective, proportionate and up to date.
AML Policy, Risk Assessment & Framework
Review of the existing AML policy and framework, with practical recommendations where updates or improvements are required.
AML Identification & Risk Register
Review of current AML risks to identify gaps, omissions or emerging areas of exposure and maintain an appropriate risk register.
AML Duties & Management Information
Clear management information to support the Board and MLRO in monitoring AML and CFT activity across the credit union.
Risk Assessment, Treatment & Mitigation
Review of key AML risks, controls and treatments, with practical actions to address identified weaknesses or emerging risks.
AML Compliance Monitoring
Ongoing assessment against the AML compliance register, with identified issues tracked and appropriate remedial actions agreed.
AML Assurance Testing
Independent testing of documented AML controls to provide assurance over their effectiveness and identify areas requiring improvement.
AML Monitoring
Ongoing monitoring across relevant transactions, trigger events and key risk indicators, linked to specific AML risks where appropriate.
AML Reporting & Recommendations
Clear periodic reporting for the MLRO, management and Board, including findings, recommendations and areas requiring action.
Annual AML Report to the Board
Support with preparation of the annual MLRO report, providing structured information on AML activity, risks and oversight.
Annual AML Training for the Board
Tailored annual AML training for the Board, delivered online or in person depending on the credit union's requirements.
Please note: WDA will not be responsible for the day-to-day monitoring of transactions or the review and processing of suspicious transaction reports (STRs), unless separately agreed as part of the engagement. Relevant information can be incorporated into WDA reporting based on management information provided.
Contact Us
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Whether you have a specific requirement or would simply like to discuss how WDA can support your organisation, our team would be happy to hear from you.
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