- 8 Marks
AAA – Nov 2024 – L3 – Q8 – Money Laundering Responsibilities
Outline the meaning of money laundering, firm obligations, and steps to meet anti-money laundering responsibilities.
Question
You are a manager in the audit firm of Aidoo and Co. One of the firm’s partners has read in the press about the increasing responsibilities placed on professional firms for the detection and reporting of money laundering activities.
He has asked you to prepare a paper for the partners covering the meaning of money laundering, the firm’s obligations in respect of money laundering, and the steps that the firm should take in order to meet those obligations.
Required:
Set out the points to be included in your paper for the partners.
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