Ch 2- Money Laundering

Question 1

Accountants responsibilities to ML

Answer 1

Client based
-ML & terrorist financing risk assessment when onboarding
-Compliance with customer due diligence
-Record keeping and data protection systems/policies

Internal processes
1-Appointment of MLRO
2-Establish internal reporting procedures to MLRO
3-Procedures for reporting suspicious transactions to Financial Intelligence Unit
4-Training staff on ML
5-Independent audit function- Assess firms procedures and effectiveness