Which of the following is a phase of the AML audit life cycle?

Remedial action planning is identified as a phase of the AML audit life cycle because it involves strategizing and implementing measures to address any deficiencies or weaknesses identified during the audit process. This phase is crucial for ensuring that any vulnerabilities in anti-money laundering (AML) controls are effectively mitigated and that the organization complies with relevant regulations and standards.

During remedial action planning, the audit team collaborates with relevant stakeholders to create a detailed plan for corrective actions. This might involve enhancing existing controls, revising procedures, or providing additional staff training related to AML practices. The focus on remediation helps organizations to improve their AML programs continuously and strengthen their overall compliance posture, ultimately reducing the risk of financial crimes.

The other options, while relevant to the broader context of AML compliance and organizational effectiveness, do not specifically represent phases of the AML audit life cycle. Transaction evaluation pertains to the analysis of transactions for suspicious activity, staff training sessions serve as ongoing education for employees, and customer feedback analysis relates to gathering insights from clients, all of which are essential but distinct activities within the broader framework of AML compliance and do not signify phases in the audit cycle itself.