TITLE COMPLIANCE FUNCTION AUDIT IN COMMERCIAL BANKS

• Main Author: Marian Sabin Constantin
• Format: Article
• Language: English
• Published: Universitatea din Craiova 2016-12-01
• Series: Annals of the University of Craiova: Economic Sciences Series
• Subjects: critical; money laundering; banking system; internal audit
• Online Access: http://feaa.ucv.ro/annals/v1_2016/0044v1-002.pdf

The goal of this paper is to investigate the mechanisms implemented by the banking system to combat money laundering and terrorism, on the background of the increase in the volume of financial transactions. Starting from the variety of mechanisms and forms of money laundering and from the increase interest of the states in combating related crimes, institutions specializing in combating this phenomenon were created at intergovernmental level. The banking system as a whole is interested in combating the phenomenon given the distortions that can be generated by a generalized context of fraud, corruption and money laundering, substantiated in damaging the credibility of the financial institutions with which it enters a business relationship, to the extent where it is impossible to determine the currency necessary based on the demand of the real economy. In this context, the investigation of the mechanisms implemented by banking institutions with the purpose of identifying and blocking suspicions transactions is of special interest.