This is one of the most critical and mandatory audits for banking institutions, which is often the least well managed. This course will focus on the evaluation of the achievement of the AML objectives and compliance with the regulatory standards of the anti-money laundering and counter-terrorism financing (AMLCFT) law now prevalent in many countries. In Malaysia, this is the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act 2001 of Malaysia (AMLATFPUA) which are based on the Financial Action Task Force’s recommendations.

Banks shall be audited by the central bank at any time on their compliance with the AMLCFT regulations. Therefore, apart from it being mandatory, it is a top priority that the bank passes the central bank’s inspection on the effectiveness of its AMLCFT measures and compliance with the regulations.