IIA-Australia White Paper - Engagement Risk Assessment for AML/CTF Program Audit

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Authors

Dr Giridhar Kannan PhD, MBA, BCom, AMIIA, Advanced Certified AML Specialist – AUDIT (CAMS-AUDIT)

Date

 2024

Topics Explored

Internal Audit

Format

White Paper

Extract/Description

This White Paper discusses information gathering required to perform engagement risk assessment for the components of an AML/CTF Program.

Key Points

  1. An AML/CTF Program is a document maintained by a reporting entity specifying how they comply with AML/CTF legislation to identify and manage the risk of its products or services being used for money laundering (ML) or terrorism financing (TF).
  2. There is no ‘one-size fits all’ approach in choosing the components of AML/CTF Program for each independent review. A combination of the organisation’s current high-risk areas and overall regulatory environment should be considered.
  3. The overarching objective should be to gather meaningful information as part of the engagement risk assessment so that it helps to effectively perform the AML/CTF internal audit engagement

Relevant Industries

All

Level of Assumed Knowledge

Intermediate