Anti-Money Laundering – Understanding the Process

Understanding the stages of money-laundering CPE = 1.5

Anti-money laundering (AML) has been a hot topic for financial institutions for decades. Proceeds from these criminal activities represent an estimated 2% to 5% of global GDP.

In the U.S. that’s equivalent to $800B - $2T a year, according to the U.S. Office on Drugs and Crime. Money laundering disguises the sources and destinations of these funds and fuels negative downstream effects. This includes compromised financial systems and the means to keep terrorists and crime rings in business.

Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Anti-money laundering laws cover a limited range of transactions and criminal behavior, but their implications are far-reaching.

The Laws and regulations surrounding AML are numerous and have progressed throughout the years. This course is aimed at understanding the stages of money-laundering, the primary methods used, the laws in place to help prevent and mitigate money laundering and identifying professions that may be most involved in money laundering.

Future sessions will focus on processes for mitigating and monitoring for money-laundering. We will use the “progression of AML chart” presented towards the end of this presentation as a framework to discuss our topic in future courses.

Lesson Objectives:
  • Define anti-money Laundering and examine how it works.
  • Explore the history of AML.
  • Identify the stages of AML.
  • Examine the methods used for money laundering.
  • Introduce the progression of AML.

Field: Fraud
CPE: 1.5
Delivery Method: Self-Study
Format: Video

Your Instructor

Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author

Ms. Fountain has over 40 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.

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