Description
Comprehensive AML/CFT Audit and CAMS-Audit Preparation
Course Overview:
In today’s rapidly evolving financial landscape, ensuring robust Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) practices is crucial for financial institutions. This comprehensive course is designed to equip banking professionals, compliance officers, auditors, and anyone involved in financial crime prevention with the necessary skills and knowledge to effectively conduct AML/CFT audits and prepare for the CAMS-Audit certification.
Course Objectives:
By the end of this course, participants will:
- Gain a thorough understanding of AML/CFT concepts and regulatory requirements.
- Learn the key elements and best practices for conducting effective AML/CFT audits.
- Develop the skills to design and implement risk-based audit plans.
- Understand the lifecycle and phases of AML audits, from planning to reporting.
- Master techniques for information gathering, testing controls, and documenting findings.
- Be prepared to sit for the CAMS-Audit certification exam with confidence.
Course Modules:
- Introduction to AML/CFT and Audit Fundamentals
- Overview of AML/CFT
- Importance of AML/CFT in Financial Institutions
- Differentiating Financial Audits and AML Audits
- Role and Objectives of AML Audits
- Regulatory Requirements and Expectations
- Types and Scope of AML Audits
- Full-Scope and Limited Scope Audits
- Horizontal and Vertical Audits
- Look-back Methodology
- Assurance vs. Validation Audits
- Internal vs. External Audits
- AML Audit Program
- Key Elements of an Effective AML Audit Program
- Governance, Oversight, and Organizational Structure
- Risk Assessment
- Policies and Procedures
- Customer Due Diligence and Enhanced Due Diligence
- Transaction Monitoring and List Screening
- Suspicious Activity and Currency Transaction Reporting
- Management Information Systems Reporting
- Training and Record Retention
- Planning the AML Audit
- Preparing the Audit Announcement Memo
- Developing the AML Audit Plan
- Designing a Risk-Based Audit Plan
- Reviewing Enterprise-Wide AML Risk Assessment
- Reviewing Policies, Procedures, and Major Changes
- Information Gathering and Document Requests
- Conducting AML Audit Fieldwork
- Walkthrough with Stakeholders
- Data Analysis Techniques
- Sample Selection and Testing
- Documenting Observations and Root Cause Analysis
- Completing Fieldwork
- Reporting and Remediation
- Discussing Draft Observations and Findings
- Preparing and Sharing the Draft Report
- Confirming Factual Accuracy
- Developing Action Plans and Recommendations
- Issuing the Final Audit Report
- Monitoring Remediation Efforts
- Independent Testing and Governance
- Regulatory Expectations and Industry Guidance
- Framework for Monitoring and Testing
- AML and Sanctions Governance
- Audit Considerations and Prioritization
- Practical Application and Case Studies
- Case Examples of AML Audit Planning and Execution
- Best Practices and Common Pitfalls
- Real-World Scenarios and Solutions
- Preparation for CAMS-Audit Certification
- Overview of CAMS-Audit Certification
- Exam Structure and Content
- Study Tips and Strategies
- Practice Questions and Mock Exams
- Review and Q&A
- Review Key Concepts and Takeaways
- Open Q&A Session for Participants
- Final Exam Preparation Tips
Reviews
There are no reviews yet.