Overview of AML/CFT Program Training and Audit

AML/CFT-training and audit is an essential component to raising awareness among an organization’s staff, concerning money laundering and terrorist financing risks, and to observing methods potentially related to money laundering or terrorist financing in the financial industry. Effective training can be considered the first, last, and best AML/CFT tool for risk management and control. AML/CFT audits and reviews are some of the best ways to reveal whether your AML systems and controls program is working, and where it might fall short.

When evaluating a Business Unit’s control environment, the audit department should assess the current state relating to: 

  •  Know Your Customer Practices 
  •  Suspicious and/or Unusual Activity
  •  OFAC and Sanctions 
  •  Employee AML Expertise and Coverage 
  •  Management and Oversight 
  •  Policies, Procedures, and Processes 
  •  Operations and Technology