To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
NSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
AML and CFT Audit webinar
Date: 3rd November 2026
Time: 04.00pm-06.00pm
Delivery Mode: Virtual
Overview
Conducting an Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) audit is a critical process for auditors, financial institutions, regulated entities and other designated professionals to ensure compliance with legal and regulatory requirements. These audits evaluate the effectiveness of an organization’s policies, procedures, and controls designed to detect, prevent, and report money laundering and terrorist financing activities. Auditors assess whether the institution maintains a robust risk-based approach, adhering to standards set by bodies such as the Financial Action Task Force (FATF), local regulators, and international guidelines. The primary goal is to identify weaknesses that could expose the organization to financial crime risks, reputational damage, or regulatory penalties. Successful audits require a combination of technical expertise, independence, and a thorough understanding of evolving threats in the global financial ecosystem.
The planning phase sets the foundation for a successful AML/CFT audit. Auditors begin by defining the scope, objectives, and timeline, considering factors like the institution’s size, customer base, product offerings, and geographic operations. A comprehensive risk assessment is conducted to prioritize high-risk areas, such as correspondent banking, trade finance, or dealings with high-risk jurisdictions. Documentation review includes examining the AML/CFT policy framework, customer due diligence (CDD) procedures, and transaction monitoring systems. Engagement with key stakeholders, including compliance officers and senior management, helps align expectations and gather preliminary insights. Proper planning ensures resources are allocated efficiently and that the audit remains focused on material risks.
Risk assessment forms the core of the audit methodology. Auditors evaluate the institution’s enterprise-wide risk assessment to determine if it accurately identifies, measures, and mitigates AML/CFT exposures. This involves analysing customer risk profiles, enhanced due diligence (EDD) for politically exposed persons (PEPs), and sanctions screening processes. Data analytics tools are often employed to review transaction patterns, flag suspicious activities, and test the effectiveness of automated monitoring systems. Qualitative factors, such as staff training programs and the “tone from the top” in fostering a culture of compliance, are also scrutinized. Any gaps in risk identification can indicate systemic vulnerabilities that require immediate attention.
Fieldwork and testing procedures involve detailed examination of controls and operations. Auditors perform walkthroughs of key processes, sample testing of customer files for proper KYC (Know Your Customer) documentation, and validation of suspicious activity report (SAR) filings. Independent testing of transaction monitoring rules helps verify detection accuracy and false positive rates. Interviews with frontline staff and compliance teams reveal practical implementation challenges. Technology audits may include assessing the reliability of core banking systems and data integrity. These hands-on activities ensure that theoretical policies translate into effective day-to-day practices.
Evaluation of findings focuses on the adequacy and effectiveness of the AML/CFT program. Auditors rate controls as effective, partially effective, or ineffective based on evidence gathered. Common deficiencies include inadequate customer identification, weak ongoing monitoring, or insufficient independent testing of the compliance function. Root cause analysis is performed to understand underlying issues, such as resource constraints or outdated technology. The audit team also benchmarks the institution against industry best practices and regulatory expectations, providing a holistic view of compliance maturity. This step is crucial for prioritizing remediation efforts.
The reporting and follow-up stage closes the audit cycle with actionable recommendations. A clear, well-structured report is delivered to management and the board, highlighting strengths, weaknesses, and prioritized remedial actions with timelines. Follow-up mechanisms ensure that agreed-upon corrective measures are implemented and tested in subsequent reviews. Continuous monitoring and periodic re-audits help adapt to emerging risks, such as those posed by new technologies like cryptocurrencies or virtual assets. Ultimately, a well-conducted AML/CFT audit strengthens the organization’s defenses, promotes regulatory adherence, and contributes to the broader fight against financial crime.
Target Audience:
The webinar will be useful to accountants, auditors, academia, and other designated professionals interested AML and CFT audit
 Continuous Professional Development Units (CPDs):
Members of ICPAK and those from reciprocating professional bodies will be awarded 2 Structured CPD Units upon successful completion of the workshop.
Financial Commitment:
The workshop charges are Kshs. 1,000. Charges will cater for the webinar fees, learning materials, and e-certificates of attendance.
Online Booking:
Registration: Delegates are reminded to note that online booking for the webinar is mandatory on https://www.icpak.com/event-registration/Online Booking We call on workshop participants to note that booking is available only online at www.icpak.com and will close one day before the training session. Delegates are reminded to note that online booking for the training is mandatory.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke).
Further requests can be channeled to us via telephone calls on, +254 719 074 100, or via email to marketing@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for update.
To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
