A compliance audit constitutes a formal examination to determine whether an organization adheres to external laws, regulations, and internal policies. This systematic review assesses operational procedures, documentation, and reporting mechanisms. Its purpose is to identify any deviations from established mandates and recommend corrective actions. Such audits are essential for maintaining legal and ethical operational standards.
Context
In the rapidly changing digital asset sector, compliance audits are increasingly vital for verifying that firms meet stringent anti-money laundering and know-your-customer requirements. Regulatory bodies depend on these assessments to confirm operational integrity and mitigate illicit financial activities. The findings often shape public perception and regulatory responses to new market entrants.
South Africa's FSCA has issued a mandatory 89-question RFI, fundamentally recalibrating compliance frameworks through granular data disclosure on risk and operations.
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