What is one of the key results expected from an effective AML audit risk assessment?

An effective AML audit risk assessment is primarily aimed at identifying the effectiveness of Anti-Money Laundering (AML) controls. This involves evaluating how well current policies, procedures, and practices are functioning in mitigating the risks associated with money laundering and terrorist financing. By pinpointing deficiencies or strengths in the existing controls, organizations can make informed decisions about where to allocate resources for improvement, ultimately enhancing their overall compliance posture.

Identifying the effectiveness of AML controls ensures that the organization is not only compliant with regulatory requirements but also proactive in addressing potential vulnerabilities. This focus allows for ongoing adjustments and enhancements to the AML framework, rather than a one-time assessment, fostering a culture of compliance and risk management within the organization.

While other aspects such as increasing training requirements and documenting processes are beneficial outcomes of an audit, they are not central to the primary objective of the risk assessment itself. The ultimate goal is to ensure that the controls in place are effective in preventing money laundering activities. The notion of eliminating all compliance issues is unrealistic, as compliance is an ongoing effort that requires continual assessment and adaptation in response to new risks and regulatory changes.