AML Training: Preparing Auditors to Adequately Assess AML Programs

Author: Jack Sonnenschein, CAMS-Audit

The Bank Secrecy Act (BSA) includes training as a requirement and one of four core pillars of an effective anti-money laundering (AML) program along with effective internal controls, independent testing and specific accountability for oversight of BSA/AML.

The Act was one of the first pieces of legislation (originally enacted in 1970) in the financial regulatory framework that places specific emphasis on and highlights the importance of training in the overall fight against money laundering. In comparison with the other requirements of an effective AML prevention and detection program, for example, implementing effective know your customer (KYC) and customer identification programs or automated transaction surveillance and suspicious activity reporting systems, complying with the training requirement would seem to be rather straightforward and uncomplicated.

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