In the paper, the AAPG sets out baseline standards and best practices for auditors to consider when conducting audits for AML/CFT in banks. The standards and best practices are derived from contributions by banks and audit firms when they took part in the AAPG’s benchmarking survey in 2023. The baseline standards cover minimum audit standards and practices that internal and external auditors should adopt while the best practices refer to existing good practices which auditors are encouraged to adopt in line with the risk profiles of their bank or clients.
The Association of Banks in Singapore (ABS) has launched a best practice paper to enhance anti-money laundering and countering the financing of terrorism (AML/CFT) audits in banks on Oct 21.
The paper, the first industry-led one, was developed in partnership with the Anti-Money Laundering Audit Peer Group (AAPG) since October 2022, and seeks to boost AML/CFT auditing standards within Singapore’s financial sector. The paper provides internal auditors within Singapore’s banks and external auditors who work with banks with a common framework to formulate and execute audits pertaining to AML/CFT.
