This specialized course provides comprehensive training on conducting effective AML/CFT internal audits and independent testing programs. Participants will learn about regulatory requirements for independent testing, audit methodology development, testing techniques, and reporting standards. The course covers both technical testing requirements and soft skills needed for effective audit execution and communication. Through practical case studies and hands-on exercises, learners will develop the expertise needed to assess AML/CFT program effectiveness and provide valuable assurance to management and regulators.
AML/CFT Internal Audit and Independent Testing
Anti-Money Laundering AML/CFT
October 25, 2025
Introduction
Objectives
Key Learning Objectives:
- Understand regulatory requirements for AML/CFT independent testing
- Master audit methodology development and planning
- Learn testing techniques for AML/CFT controls
- Develop skills in risk-based audit sampling
- Learn to assess AML/CFT program effectiveness
- Master audit reporting and communication techniques
- Understand follow-up and validation requirements
- Learn to manage audit relationships with compliance staff
- Develop awareness of common audit findings and issues
Target Audience
- Internal auditors
- Compliance testing professionals
- External audit consultants
- AML/CFT compliance officers
- Risk management staff
- Regulatory examiners
- Quality assurance professionals
- Financial institution board members
Methodology
- Case studies of audit findings
- Audit program development workshops
- Testing procedure exercises
- Report writing practice
- Root cause analysis simulations
- Industry expert presentations
- Peer review and feedback
Personal Impact
- Enhanced audit and testing skills
- Improved risk assessment capabilities
- Stronger analytical and evaluation abilities
- Better communication and reporting skills
- Increased confidence in audit execution
- Career development in compliance auditing
Organizational Impact
- More effective AML/CFT program assurance
- Enhanced regulatory compliance
- Improved risk management
- Stronger internal controls
- Better prepared for regulatory examinations
- Continuous compliance program improvement
Course Outline
Unit 1: Regulatory Framework and Requirements
Legal Obligations- Independent testing requirements
- Audit scope and frequency expectations
- Regulator communication protocols
- Enforcement case studies
- Professional audit standards
- Quality assurance frameworks
- Documentation requirements
- Ethical considerations
Unit 2: Audit Methodology and Planning
Risk Assessment- AML/CFT risk understanding
- Audit universe development
- Risk-based audit planning
- Resource allocation and scheduling
- Testing objective setting
- Control objective formulation
- Testing procedure design
- Sampling methodology selection
Unit 3: Testing Execution Techniques
Control Testing- CDD and KYC testing
- Transaction monitoring assessment
- SAR process evaluation
- Training program review
- Transaction testing
- Customer file review
- System configuration assessment
- Management information validation
Unit 4: Findings and Reporting
Issue Identification- Deficiency categorization
- Root cause analysis
- Impact assessment
- Recommendation development
- Report writing techniques
- Management communication
- Board reporting requirements
- Regulator notification protocols
Unit 5: Follow-up and Validation
Remediation Tracking- Action plan development
- Progress monitoring
- Validation testing
- Issue closure criteria
- Trend analysis
- Best practice identification
- Continuous improvement
- Industry benchmarking
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