definition：

money laundering: the process to conceal the real source of money:

three steges:

1. placement: get the money into financial system (unusual big deposit into business account)

2. layering: attempt are made to disguise the fund and investigation into its source more difficult.(moving through lots of transactions, use bakings indifferent countries, where banking privicy more strict.)

3. integration: getting the "clean " money back into circulation, so the criminal will get benefit from it. (large investment transaction)

international methods to combet with money laundrying.

scope of criminal offences of money laundrying

criminal and civil liability

with the regulation:

all audit firms are required to have a n anti-money laundering program, which should consist of various basic elements.

• risk assessment (CDD)(KYC)
• systems and policies (policies and procedures in place to minimise the risk 

1. appointment a money laundering  reporting officer (MLRO)

2. creating set procedures for reporting suspicious to MLRO

3. creating set of procedure when MLRO reporting externally to financial intelligence Unit (FIU)

4. training of all staff in the requirement of the regulations, itherwise they could fall four of them without even knowing

5. setting up an independent audit function to make sure that policies and procedures in the program are sufficient and effective.

• dul dilligence (on acceptance and retention of clients)  CDD KYC
• record keeping *(at least 5 years after the relationship with customer ended)

prevent and detect money laundrying

suspicious potiential threat of money laundry

customer due  diligence(CDD)

know your customer(KYC)

recocnizition potiential suspicious transactions and assess their impact on report duties

describe, with reasons, the basic elements of anti-money laundrying program

business insight

ligislation

professiona sceptisism

money laundring offences:

tipping off: under the regulation, auditor are required to report externally, suspicious we have over money laundering without ask customer(clients's)'s permission.   if the report of suspicious are under good feith, auditor can never be found to be in breach of the confidentiallity priciple, even if the clients was later to be found innocent of any illegal activity.

ACCA code of ethics ad conduct 

 transaction of money laundering