ACAMS
CAMS · Question #415
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not…
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AML/CFT Compliance Programs
Question
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. What is the role of the auditor during the correction phase?
Options
- ADirecting the remediation of the deficiency in a timely manner
- BDeveloping procedures to provide sufficient risk-based documentation for clearing alerts
- CProviding training to the alert clearing department on the importance of effective alert clearing
- DValidating the successful remediation of the issue once management indicates the issue is
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Topics
#AML audit#transaction monitoring alerts#remediation validation#auditor independence