AML / Sanctions Audit 101: How to Approach Setting Up an AML / Sanctions Audit Function within Your Financial Institution and Sharing Best Practices
November 26, 2020
10:00AM - 12:00PM HKT
Developing an effective anti-money laundering and counter-financing of terrorism (AML / CFT) program requires testing and auditing to program components but you may need to encompass more obligations. Regulatory expectations are going higher. Various jurisdictions have made periodic auditing a requirement for financial institutions to ensure their program remains robust. In September 2019, the Australian Transaction Reports and Analysis Centre required PayPal to hire an external auditor because of ongoing concerns with their AML / CFT program. This webinar walks participants through the regulatory expectations and the critical components to a well-functioning second and third lines of defense. The session examines the areas that are increasingly under the microscope.
Assess the Overall Integrity and Effectiveness of the AML and Sanctions Program, including Policies, Procedures and Processes
Perform Appropriate Testing on KYC Files, Transactions and Investigations with an Emphasis on High-Risk Operations (Products, Services, Customers and Geographic Locations)
Examine the Accuracy of the Management Information Systems and Risk Assessment Used in the Compliance Department