It is important to have an AML/CFT Audit Checklist in place to ensure that financial institutions are compliant with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. This checklist provides a comprehensive list of audit procedures which can be used to assess the effectiveness of existing practices and controls related to AML/CFT compliance within the organization. It helps identify any potential gaps or weaknesses in procedures, helping ensure that organizations remain compliant with applicable regulations and minimizing their risk exposure.