The Role of internal audit in the Independent review of anti-money laundering compliance in South Africa

• Main Author: Modisagae, Thapelo
• Other Authors: Du Plessis, Danie E.
• Language: en
• Published: University of Pretoria 2014
• Subjects: Auditing; Anti-money laundering compliance; AML compliance reviews; Anti-money laundering risk-based approach; Compliance risk; Financial institutions; FICA; Internal auditing; Independent AML reviews; Money laundering; UCTD
• Online Access: http://hdl.handle.net/2263/41829; Modisagae, T 2013, The Role of internal audit in the Independent review of anti-money laundering compliance in South Africa, MPhil dissertation, University of Pretoria, Pretoria, viewed yymmdd<http://hdl.handle.net/2263/41829>

The dilemma of money laundering is an undeniable problem faced by many institutions all over the world. Due to its prevalence, the need for organisations to deal with the problem has become a global priority, regardless of the size of the financial institutions. Despite the compliance AML efforts undertaken by various institutions, AML compliance appears to be a daunting challenge, the question posed by this research is whether there is a need for independent anti-money laundering (AML) compliance reviews, given the invasive nature of money laundering in financial institutions. Secondly, the research addresses the question of who is well positioned to perform the independent AML compliance reviews. In addressing the second question, the research will discuss why internal audit is an invaluable resource in terms of risk management processes and the reasons why they are an integral part of the AML solution. === Dissertation (MPhil)--University of Pretoria, 2013. === gm2014 === Auditing === unrestricted