This paper aims to set out baseline standards and best practices for internal and external auditors to consider when determining the appropriate scope and extent of testing in the conduct of AML/CFT audits for banks.
This paper brings together the practices of AAPG members, as well as inputs from banks and audit firms that contributed to the AAPG’s benchmarking survey in 2023. The survey solicited inputs on several aspects of audit practice, including:
- AML/CFT audit coverage
- AML/CFT audit approach
- use of data analytics (“DA”) and new techniques to strengthen AML/CFT audit effectiveness.
