AML Programs for Audits

Whether you are new to AML audit or just need some practical guidelines to ensure your next audit will run smoothly reducing costs and hassles for your organisation.

You will obtain a solid understanding of what are the reasonable actions you should take before, during and after the audit to ensure a successful outcome.

Define your obligations under the AML/CFT Act and identify the key variables you may come across during the audit.

Preparation is key to anticipate auditor’s requests to avoid waste of resources and mitigate risks.

 

Learning Objectives

  • Preparing an AML/CFT risk assessment to meet mandatory requirements of s58 of the Act
  • Preparing an AML/CFT programme to meet mandatory requirements of s56 and s57 of the Act
  • Preparing for an AML/CFT supervisor visit or an AML/CFT audit

 

Preparing your AML/CFT risk assessment

  • Understanding the legal obligations under sections 58 of the Act

 

Understanding how to assess the risk of your organisation facing money laundering or terrorist financing taking into consideration:

  • The type, size and complexity of your business
  • The products or services offered
  • Delivery of your products or services to your customers
  • The types of customers
  • The countries you deal with
  • Guidance published by AML/CFT Act supervisors and the Police

 

Your AML/CFT risk assessment should identify:

  • The money laundering or terrorist financing risks your organisation may face
  • Determine the level of risk involved in relation to relevant obligations under the AML/CFT Act and Regulations

 

Keeping your AML/CFT current

  • Actions that you should take to keep your AML/CFT risk assessment current Preparing your AML/CFT programme
  • Develop and draft adequate and effective policies
  • Incorporate your existing business procedures into your AML/CFT programme
  • Develop and draft effective new procedures for your AML/CFT programme
  • Develop effective controls
 
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