Managing an Effective AML Audit Program

Why Should You Attend:

Financial institutions are continually evolving their systems and processes, and some continue to be challenged by risks associated with conducting an inadequate audit. Recent actions have brought forth regulatory criticisms for inadequate scoping and testing of audits. With more scrutiny placed on internal audit to have deep expertise in BSA/AML, many financial institutions are turning to external resources to supplement subject matter expertise.

This webinar highlights the techniques and best practices for conducting an effective AML audit or independent test as required under the rules promulgated by the Bank Secrecy Act. AML compliance program rules require financial institutions to conduct an independent test to assess the adequacy and effectiveness of the program. A good test will identify any weaknesses and serve as a last line of defense against criminals, ensuring that the program controls are doing what they were designed to do.

The effective AML audit program will consider implementation of a risk-based approach, a thoughtful audit scope and plan, and a well-written report memorializing the findings and recommendations to improve the program. This training will look at the practicality of these elements and the implementation factors with each of them.

Areas Covered in the Webinar:

• Risk-based approach to the audit
• Key elements of a well-planned audit
• Sound techniques for testing
• Each of the key areas are examined
• Audit scoping and planning
• Fieldwork and testing
• Memorializing and communicating outcomes
• Managing corrective actions

Who Will Benefit:

• BSA/AML Compliance Officer
• Compliance Analysts
• Chief Compliance Officers
• Internal Auditors
• Operational Risk Managers

Instructor Profile:

Laura H. Goldzung, CFE, CAMS, CFCF, CCRP, is president and founder of AML Audit Services, LLC (AMLAS), a boutique consultancy specializing in independent testing for anti-money laundering compliance programs for bank and non-bank institutions, and serves as its principal examiner. In addition, her expertise includes custom training, and compliance consulting services, which includes design and development of Bank Secrecy Act/anti-money laundering and anti-fraud compliance programs, risk assessment and analyses, remediation and corrective action programs, and expert witness services. Ms. Goldzung has worked with financial institutions that have been referred to enforcement for BSA/AML violations, helping them to bring their AML programs into compliance.

In a career spanning more than more than 35 years across multiple sectors of the financial services industry, Ms. Goldzung has worked in a variety of executive leadership roles. Since founding AMLAS, she has co-created sector-specific compliance officer certification programs and tours internationally presenting various AML/fraud topics for industry-leading organizations, and has authored a number of articles on the topic of AML.

Ms. Goldzung serves as a dispute resolution arbitrator for the Financial Industry Regulatory Authority (FINRA) and contributes to multiple industry programs. She is active with several industry groups including the Association of Certified AML Specialists, Association of Certified Fraud Examiners, Association of Certified Financial Crime Specialists, National Society of Compliance Professionals, SIFMA Compliance & Legal Society, and the Institute of Internal Auditors. She serves on a variety of industry task forces and committees, and contributes to a number of compliance, industry and university education programs.

Topic Background:

On October 26, 2001, the USA PATRIOT Act was signed into law and obligations were set forth with new anti-money laundering (AML) provisions and amendments to the Bank Secrecy Act (BSA) in an effort to make it easier to prevent, detect, and prosecute money laundering and the financing of terrorism.

Financial institutions were required to have a written AML compliance program in place, reasonably designed to achieve and monitor compliance with the requirements of the BSA and the implementing regulations. AML compliance programs comprise Four Pillars which include:

1. written policies, procedures and internal controls;
2. designation of a compliance officer;
3. the provision for ongoing training for appropriate personnel;
4. an independent test.

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