The auditor, as a subject person is required to carry out anti-money laundering procedures on his customers. The most challenging aspect of these obligations is related to transaction monitoring especially when it comes to obtaining information on source of funds and making sure these are transactions are in line with the knowledge and expectations of the business and the understanding obtained at inception. Other challenging duties of the auditor also include those of identifying and reporting any situations which could possibly be linked to tax evasion and situations linked to the funding of terrorism given the geographical proximity of our country to war-thorn jurisdictions.
This session will delve into the practical obligations of the auditors in the below mentioned cases. These will be explained via case studies which will be discussed in detail during the session:
- Suspicious transactions – common red flags
- Source of funds – when to ask, what to ask.
- Tax evasion: common red flags
- Funding of terrorism: common red flags