Money laundering is dynamic and continually evolving, which demands the vigilance of professionals including internal auditors, who must keep abreast of the latest developments and trends. Sharing her insight with over 20 participants at the Learn At Lunch on 29 January 2019, Ms Sowmya Gopi, CAMS, working for Group Audit at Deutsche Bank, provided an overview of what anti-money laundering controls may look like in an institution and what the regulators see as failings in AML controls. She also shared a few money laundering case studies to demonstrate what went wrong.
Preventing money laundering remains a major concern due to the threat it can pose to the integrity of financial institutions coupled with the financial risk of severe penalties and the legal ramifications it represents. “Internal audit, as the third and final line of defence, has a crucial role to play in financial institutions to mitigate financial crime risk. With complete and updated data, internal auditors are better equipped to test controls and detect poor risk management practices,” said Ms Gopi.
“In the light of evolving risks and challenges, it is important for a robust internal audit function to have both the expertise and the high-quality data it needs to raise the bar on financial crime-related audits,” added Ms Gopi.
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