Key Takeaways:
- Strengthen VARA compliance with a robust internal audit framework that safeguards governance, risk management, and regulatory obligations for Virtual Asset Service Providers (VASPs).
- Leverage specialised AML/CFT internal audit and AML gap assessments to benchmark your crypto business against VARA, UAE Federal AML laws, and FATF standards, and close critical compliance gaps.
- Build regulatory-ready SOPs and policies across AML, risk management, cybersecurity, HR, finance, and client asset protection to enhance governance and operational consistency.
- Enhance financial integrity and fraud prevention through VARA-focused internal audits of finance and accounts, including IFRS compliance, client asset segregation, and crypto asset reconciliation.
Why is Internal Audit mandatory for Virtual Asset Service Providers (VASPs) under VARA?
VARA requires VASPs to maintain a robust internal audit function to ensure effective governance, risk management, regulatory compliance, AML/CFT controls, financial integrity, and operational resilience. Internal Audit provides independent assurance that regulatory obligations are being met and risks are proactively managed.
How does Affiniax Partners support VARA-compliant Internal Audit for VASPs?
Affiniax Partners provides end-to-end VARA-aligned Internal Audit Services, designed specifically for Virtual Asset businesses. Our services focus on compliance assurance, control effectiveness, risk mitigation, and regulatory readiness, ensuring clients meet VARA supervisory expectations.
What AML/CFT Audit services does Affiniax Partners provide?
We conduct comprehensive AML/CFT Internal Audits to assess compliance with:
Our AML/CFT audit covers:
- Customer Due Diligence (CDD/KYC)
- Enhanced Due Diligence (EDD)
- Transaction Monitoring
- Suspicious Activity Reporting (SAR)
- Sanctions & PEP screening
- AML Governance & Risk Assessment
- Proliferation Financing (PF) controls
- AML training & awareness
Outcome: Identification of compliance gaps, regulatory risks, and actionable remediation plans.
Why is AML Gap Assessment mandatory for VASPs, and how does Affiniax Partners support it?
AML Gap Assessment is mandatory for all VARA-regulated VASPs to assess current AML maturity against regulatory standards.
Affiniax Partners performs:
- Benchmarking against VARA AML/CFT framework
- Gap identification in AML policies, controls, and systems
- Risk-based AML maturity scoring
- Actionable remediation roadmap
- Regulatory-ready documentation
Outcome: A clear compliance roadmap aligned with VARA supervisory expectations.
How does Affiniax Partners support SOP & Policy Formation and Upgradation?
We design and upgrade VARA-compliant SOPs and policies, ensuring operational consistency and regulatory alignment across departments.
Our SOP & Policy services include:
- AML/CFT Policy
- Risk Management Policy
- Information Security & Cybersecurity Policy
- Incident Reporting Policy
- Outsourcing & Vendor Risk Policy
- HR & Payroll Policy
- Finance & Accounting Policy
- Client Asset Protection Policy
- Trading & Market Conduct SOPs
Outcome: A strong governance framework aligned with VARA regulatory requirements and industry best practices.
How does Affiniax Partners conduct Internal Audit for Finance & Accounts under VARA?
We review financial processes to ensure accuracy, integrity, and regulatory compliance, focusing on:
- Financial reporting & IFRS compliance
- Client asset safeguarding & segregation
- Revenue recognition for virtual asset transactions
- Expense controls & fraud prevention
- Treasury & crypto asset reconciliation
- Regulatory financial reporting to VARA
- ICOFR (Internal Control over Financial Reporting)
Outcome: Strengthened financial governance, reduced fraud risk, and improved regulatory confidence.
What does the HR & Payroll Internal Audit under VARA include?
We assess HR & Payroll processes to ensure governance, employee integrity, compliance, and operational fairness, covering:
- Employee onboarding & background screening
- VARA fit-and-proper requirements
- Payroll accuracy & approval controls
- Incentive & commission governance
- Conflict of interest controls
- AML & compliance training
- Staff access control & segregation of dutie
Outcome: Reduced insider risk, enhanced workforce governance, and improved regulatory trust.
How does Affiniax Partners tailor audits specifically for VARA-regulated VASPs?
Unlike generic audit firms, we:
- Apply VARA-specific regulatory mapping
- Use VASP-focused risk models
- Align findings with VARA supervisory expectations
- Provide regulatory-ready audit reports
- Support remediation implementation and regulator engagement
What value does Affiniax Partners bring beyond compliance?
We go beyond compliance to deliver:
- Risk reduction & control strengthening
- Regulatory readiness & inspection support
- Operational efficiency improvements
- Fraud prevention & governance enhancement
- Investor & partner confidence
- Long-term compliance sustainability
Why should VASPs choose Affiniax Partners?
Affiniax Partners combines deep VARA regulatory expertise, AML specialization, and internal audit excellence, offering:
- Proven experience in VARA-regulated audits
- Tailored solutions for crypto & digital asset businesses
- Practical, implementable recommendations
- Strong regional presence and regulatory knowledge
- End-to-end compliance and governance advisory
We don’t just audit — we help VASPs become regulator-ready, resilient, and scalable.
Strengthening VARA Compliance with Affiniax Partners
As VARA continues to strengthen regulatory oversight of Virtual Asset Service Providers, having a robust Internal Audit and Compliance framework is not optional — it is critical for sustainable operations.
Affiniax Partners stands as a trusted partner to help VASPs meet regulatory expectations, mitigate risk, and build strong governance foundations.
