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Audit trail: a mandatory summary of AML actions

An audit trail is an administrative summary of who did what, when. Useful for yourself and during a supervisor's visit.

What is an audit trail?

As the person with final responsibility, it is desirable to quickly see who has carried out which AML actions in a particular file. An audit trail is an administrative summary of who did what, and when. Useful for yourself and during a supervisor's visit.

When reviewing a matter, it is nice to see immediately which AML actions have been carried out. At the press of a button, an audit trail of a file is generated within RegLab. This allows you to see immediately whether, for example, a new identification link was sent or why the risk profile was changed and by whom.

A supervisor likes to see your files and related documents during an audit. He/She also wants to see the audit trails and ask about certain actions, such as when a file has been reopened. You have the latest overview of files and associated evidence at your fingertips at any time.

The audit trail also shows whether notifications were sent to other employees and with what action or question. For example, a message from the secretary to the lawyer that all AML information has been submitted by the client, asking if the lawyer would like to view and approve it. You can find all these actions in a clear overview.

From the various actions, you simply click through to the original message or e-mail. This way, you maintain an overview of your files and the AML actions carried out within them. RegLab records all compliance steps taken in an audit trail. So you are fully compliant with all AML requirements.

Why an audit trail?

In an audit trail, you automatically record all AML actions in detail and store them centrally. Using an audit trail, you and the supervisor can trace back how certain conclusions and follow-up investigations were reached. All actions related to the AML investigation are automatically stored in a file. An audit trail is a useful tool for monitoring actions taken and the degree of risk involved in client investigations. Because an audit trail records the entire process, you can quickly provide insight to the supervisor. Moreover, an audit trail is easy for a supervisor to understand and interpret. If you do not have software such as RegLab to automatically generate this audit trail automatically, the alternative is a form to be filled in manually. Disadvantage of this: manual work, no uniformity within the organisation and often no central storage.

What do you find in an audit trail from RegLab?

An audit trail is automatically created for each file within RegLab. The audit trail ensures that it is possible to trace who performed which action and when in a file. The audit trail displays the following items in an overview: 

  • the action;
  • who created it;
  • on which date;
  • details of the action. 
Check, approve and create an audit trail

AML process

Consistency and uniformity are important to the supervisor within the procedures set by your office. He/She wants to see that everyone in the office implements the policy in the same way. 

More on AML procedures