• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

money laundering policies and procedures- internal reporting lines

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › money laundering policies and procedures- internal reporting lines

  • This topic has 4 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • October 15, 2021 at 11:19 am #637749
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    The audit firm should also have established internal reporting lines which should be followed to report any suspicions. Thomasson & Co will probably have a standard form which should be used to report suspicions of money laundering to the MLRO.

    ma’am “internal reporting lines” refer to reporting lines within audit firm(for audit team members) or at the client’s place(for say team members of audit committee)?

    October 15, 2021 at 11:26 am #637750
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    doubt 2: same paragraph

    maam by “standard form” is the answer referring to a printed form which should include the detail of alleged fraud?

    or “standard form” refers to a standard operating procedure(SOP) that should be followed in case of a suspected ML fraud?

    October 15, 2021 at 11:30 am #637751
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    The MLRO is within the audit firm. Reporting is within the firm and the standard form is the firm’s prescribed documentation.

    October 21, 2021 at 6:24 am #638671
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    and this internal report/documentation is submitted to just MLRO right? and not even to audit engagement partner / EQCR/ IQCR?

    October 21, 2021 at 8:38 am #638681
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    See page 32 – reporting to the designated MLRO is a regulatory requirement. If the law says that suspicion has to be reported to the MLRO – reporting to someone else is not an alternative. It could well be the audit engagement partner who reports suspicion to the MLRO.

  • Author
    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • ashif94 on Revaluation Reserve – ACCA Financial Accounting (FA) lectures
  • jcacca15 on PPE – revaluation upwards – ACCA Financial Reporting (FR)
  • jcacca15 on PPE – Introduction – ACCA Financial Reporting (FR)
  • jcacca15 on PPE – Introduction – ACCA Financial Reporting (FR)
  • shazleen on ACCA AB Chapter 10 – Management – Questions

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy