What is the purpose of regular meetings between AML auditors and stakeholders?

Regular meetings between AML auditors and stakeholders are essential for discussing audit objectives and findings. These meetings facilitate open communication, ensuring that all parties involved have a clear understanding of the audit's purpose, scope, and specific objectives. By maintaining this dialogue, auditors can gather insights from stakeholders that may influence audit focus areas and risk assessments, leading to a more comprehensive evaluation of the organization's anti-money laundering (AML) controls and practices.

Moreover, discussing findings allows for immediate feedback and clarification on issues identified during the audit. This proactive approach helps in identifying gaps in compliance and provides an opportunity for stakeholders to respond or address concerns raised in real-time, fostering an environment of collaboration and continuous improvement in AML efforts. Regular updates and discussions also help ensure that stakeholders remain engaged and informed about the audit process, which can enhance overall compliance culture within the organization.

While maintaining control over the audit process and addressing compliance issues are important aspects of AML audits, the primary function of these meetings is to ensure that the objectives and findings are clearly understood and acted upon effectively. Evaluating employee performance, while potentially a part of other discussions, is generally not the primary focus of such meetings.