Providing Assurance that all is well on Money Laundering: What Role for the Internal and External Auditor?

Abstract

Senior management and the board of directors of any financial institution need to be provided with assurance that the institution is complying with both the spirit and the letter of laws and guidance on the prevention of the use of financial institutions for money laundering: 1 to avoid financial penalties if money laundering is found by the authorities to have taken place; 2 to protect the reputation of the institution; and 3 to ensure that the institution is seen to be taking a lead in such matters. The board must therefore ensure that full use is made of whatever resources are available to it, ie the compliance officer and compliance department, the internal audit function and the external auditors. This paper comments on the way in which directors and management should seek to obtain such assurance.

Citation

Tattersall, J. (1993), "Providing Assurance that all is well on Money Laundering: What Role for the Internal and External Auditor?", Journal of Financial Crime, Vol. 1 No. 2, pp. 107-110. https://doi.org/10.1108/eb025610