Managing AML Audit Expectations

Description

AML Compliance inadequacies and some outright failures have produced a myriad of enforcement actions, civil penalties, censures, excessive fines, and enough case studies to review for years.

Independent AML Audit is perhaps the most important “pillar” for AML compliance programs simply because it provides reasonable evidence that the program is either working or has flaws. Is any AML program perfect? Of course not, and that’s why the regulators leave it up to you to design your own risk-based program. There is no “operators’” manual, as only the financial institution knows its business best and can apply appropriate measures to comply with requirements.

Managing AML Audit Expectations will guide you toward audit readiness. Join us as we explore what to expect and how to understand audit findings – what they mean and in what context they apply. We’ll review common deficiencies and how to achieve sustainable corrections and discuss the lessons learned from penalty actions in the depository space.

Presented by:

Laura H. Goldzung, CAMS-Audit, CFE, CFCS, AMLCA, CPAML, CCRP, is President and CEO of AML Audit Services, LLC, a boutique consultancy specializing in independent testing of anti-money laundering compliance programs and serves as its principal examiner. Her expertise also comprises custom training and compliance consulting services, including the design and development of Bank Secrecy Act/Anti-Money Laundering and Anti-Fraud programs.

In a career spanning more than 40 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, presents various AML/Fraud topics for industry-leading organizations, and has authored many articles about AML. Ms. Goldzung served as a subject matter expert and is a charter faculty member of the CAMS advanced audit certification (CAMS-Audit) and Pace University’s Certified Compliance & Regulatory Professional (CCRP) program. In addition, Ms. Goldzung is a founding member of the ACAMS New Jersey Chapter, where she served as co-chair and continues to serve as advisor to the Board.

Ms. Goldzung serves as a dispute resolution arbitrator for the Financial Industry Regulatory Authority (FINRA) and contributes to various compliance, industry, and university education programs. She is active with the Association of Certified AML Specialists (ACAMS), Association of Certified Fraud Examiners (ACFE), Association of Certified Financial Crime Specialists (ACFCS), Association of International Bank Auditors & Compliance Professionals (AIBACP), and SIFMA Compliance & Legal Society (SIFMA C&L).

Recorded on Tue, Jul 23, 2024 2:00 PM – 3:00 PM EDT