Why should entities have a plan for executing an AML audit in crises?

Having a plan for executing an AML audit during crises is primarily important to ensure that audits can proceed safely. In times of crisis—such as natural disasters, pandemics, or financial upheaval—traditional workflows and operational structures may be disrupted. A well-developed plan allows entities to adapt their audit processes to maintain continuity while ensuring the safety of all personnel involved.

This involves assessing risks in real-time, ensuring compliance with regulatory expectations, and safeguarding the health and safety of employees, clients, and stakeholders. By having specific protocols in place, organizations can navigate uncertainties effectively, ensuring that critical audit functions are carried out even under challenging circumstances. The focus on safety also helps maintain the integrity of the audit process and reinforces the organization's commitment to due diligence in anti-money laundering efforts. This proactive approach mitigates potential risks associated with ad-hoc decision-making during crises.