Managing an Effective AML Audit Program

This webinar will highlight the techniques and best practices that can be used for conducting an effective AML audit in order to ensure compliance with Bank Secrecy Act (BSA) regulations.

Why Should You Attend:

Financial institutions are continually evolving their systems and processes, and some continue to be challenged by risks associated with conducting an inadequate audit. Recent actions have brought forth regulatory criticisms for inadequate scoping and testing of audits. With more scrutiny placed on internal audit to have deep expertise in BSA/AML, many financial institutions are turning to external resources to supplement subject matter expertise.

This webinar highlights the techniques and best practices for conducting an effective AML audit or independent test as required under the rules promulgated by the Bank Secrecy Act. AML compliance program rules require financial institutions to conduct an independent test to assess the adequacy and effectiveness of the program. A good test will identify any weaknesses and serve as a last line of defense against criminals, ensuring that the program controls are doing what they were designed to do.

The effective AML audit program will consider implementation of a risk-based approach, a thoughtful audit scope and plan, and a well-written report memorializing the findings and recommendations to improve the program. This training will look at the practicality of these elements and the implementation factors with each of them.

Areas Covered in the Webinar:

• Risk-based approach to the audit
• Key elements of a well-planned audit
• Sound techniques for testing
• Each of the key areas are examined
• Audit scoping and planning
• Fieldwork and testing
• Memorializing and communicating outcomes
• Managing corrective actions

Who Will Benefit:

• BSA/AML Compliance Officer
• Compliance Analysts
• Chief Compliance Officers
• Internal Auditors
• Operational Risk Managers