Improve the AML independent testing process by confirming the elements required for smooth, productive collaboration are in place.
A Bank Secrecy Act (BSA) and anti-money laundering (AML) independent testing process operates under a singular purpose. The mission is to help the organization’s AML program comply with regulations and aid leadership in enhancing and running a program that’s robust, resilient, and sustainable.
AML independent testing is, for all intents and purposes, an internal audit of the bank’s AML program. As every internal auditor knows, a meaningful, value-added internal audit process requires many collaborative elements. And sometimes, even though everyone is working toward the same goal, those collaborative pieces don’t quite fall into alignment.
So, why do team alignment issues occasionally arise during an internal audit process such as AML independent testing – and what can AML independent testers and second-line compliance specialists do about it?