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

Overview

Accountants in the various financial services industries are expected to be alert to potential money laundering situations, even if they are not specifically tasked with monitoring AML compliance. This workshop unpacks the basic AML compliance requirements and considers real world cases involving financial professionals & responses to AML red flags. The content of this workshop emphasizes the ethical considerations faced by accountants who encounter money laundering situations.

Prerequisites

None

Objectives

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

Highlights

• Prevalence and Impact of Money Laundering
  • When CPAs Launder Money
• The Connection between Money Laundering and Fraud
• Accountant's Duty to be Alert to Fraud and Money Laundering
• Detection of Money Laundering, Part I
  • Banks and Financial Institutions
• Detection of Money Laundering, Part II
  • Other Organizations (Example: Casinos)
• Conclusion