Concuurent Audit

PARA 18 MASTER DIRECTIONS ON MONEY CHANGING ACTIVITIES

All single branch FFMCs having a turnover of more than USD 100,000 or equivalent per month should institute a system of monthly audit. Single branch FFMCs having turnover equal to or less than USD 100,000 or equivalent per month may institute a system of quarterly audit. FFMCs/ non-bank ADs Category II having multiple branches, may put in place a system of Concurrent Audit which will cover 80 per cent of the transactions value-wise under a system of monthly audit and rest 20 per cent of the transactions value-wise under quarterly audit.