Understanding the stages of money-laundering, the primary methods used, the laws in place to help prevent and mitigate; identifying professions that may be most involved in money laundering.
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.
Field of Study: Specialized Knowledge
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for 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 her CGMA, CRMA credentials and CPA certificate (non-active).
