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Executive Briefing – AFC Audits

Effective senior management oversight and governance relies on effective anti-financial crime (AFC) audits. This executive briefing explores how senior management can support their organization’s audit function.


    Both internal and external audits are subject to increasing scrutiny by the regulators. Regulatory examiners are now including their assessment of the audit function in their inspection reports. Increasingly, there is comment on audit in published enforcement actions against an organization for AFC regulatory breaches and/or weak AFC controls.


    The consequences for certain violations of AFC regulations can include personal and individual accountability of the board members and senior management. It is therefore in the interest of senior management that they support their organization’s audit function to operate effectively.

    In this executive briefing, ACAMS details what makes AFC audits effective, and explains how senior managers can best support their auditors.



    This Briefing Covers:

    The responsibilities of senior management


    The potential consequences when senior management does not effectively manage its AFC responsibility


    What an effective AFC audit program should do


    How to assess auditor’s competency and effectiveness


    How organizational culture influences the effectiveness of the audit function


    What AFC audit is, and is not, responsible for

    Who Should be Interested?

    • Internal auditors
    • Independent auditors
    • Assurance specialists
    • Monitoring and testing teams
    • BSA/AML officers
    • KYC/Onboarding
    • Regulators
    • Risk managers
    • Audit consultants
    • Senior management
    • Executive/board level
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    Main Sectors

    • Financial institutions
    • FinTechs
    • Independent audit firms
    • Consultancies
    • Regulated entities