Why is it crucial for the audit plan to consider the effectiveness of the AML...

Audits need to approve the implementation of the controls and review testing outcomes.

Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.

Strict CDD rules promote high ethical and professional standards in the financial industry.