From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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AML audits and reporting

AML audits and reporting

From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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AML audits and reporting

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- [Instructor] AML audits are essential for evaluating the effectiveness of your bank's compliance program. Internal audits are conducted by using the bank's own audit team to ensure policies and procedures are being followed. External audits are carried out by regulators or independent third parties to verify compliance with laws and regulations. During an AML audit, key areas of focus include transaction monitoring systems to ensure they effectively detect suspicious activity, customer due diligence and know your customer processes, that's CDD and KYC processes, suspicious activity report filings to verify timeliness and accuracy, and employee training records to ensure staff are aware of their AML responsibilities. Once the audit is complete, the auditors will issue a report of findings, highlighting areas of strength and potential weakness in the AML program. This report could include identified gaps or deficiencies in compliance, recommendations for corrective actions, and then…

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