Accountant's Guide to Anti-Money Laundering (AML): People, Patterns and Prosecutions

Description

There is an increasing expectation that accountants should be alert to red flags that point potential money laundering situations, even if they are not specifically tasked with monitoring AML compliance. The General Standards Rule of the AICPA Code of Professional Conduct, for example, implies that an alertness to such red flags is a matter of diligence, due care and competence. This workshop unpacks AML compliance requirements from an ethics perspective and considers real world cases involving accounting and financial professionals' responses to AML red flags.

Highlights


	
• Prevalence and Impact of Money Laundering
	
  
		
  • When CPAs Launder Money
  
	
  
	

	
• Detection of Money Laundering, Part I
	
  
		
  • Banks and Financial Institutions
  
	
  
	

	
• The Connection between Money Laundering and Fraud

	
• Accountant’s Duty to be Alert to Fraud and Money Laundering

	
• Detection of Money Laundering, Part II
	
  
		
  • Other Organizations (Example: Casinos)
  
	
  
	

	
• Detection of Money Laundering, Part III
	
  
		
  • Other Organizations (Example: Health Care / Health Insurance)
  
	
  
	

	
• Summary and Conclusion



Objectives


	
• Provide a working definition of money laundering (ML) and list the basic elements of ML.

	
• Develop a greater awareness of the prevalence of ML and the global efforts to prevent it.

	
• Draw a connection between money laundering and fraud. Point to various “red flags” common to both money laundering and fraud and describe the ethical duty of accountants to be alert to such red flags.

	
• Analyze real-world cases involving money laundering red flags.



Designed For

All financial and accounting professionals