37. The Exam
• Section A: 2 Case Studies (50 - 70
marks)
• Covers many syllabus areas
38. The Exam
• Section A: 2 Case Studies (50 - 70
marks)
• Covers many syllabus areas
• Section B: 2 from 3 shorter scenario
questions
39. The Exam
• Section A: 2 Case Studies (50 - 70
marks)
• Covers many syllabus areas
• Section B: 2 from 3 shorter scenario
questions
• More focussed on one area
43. The Exam
• Key Features
• Scenario based (application!)
• Professional Marks
44. The Exam
• Key Features
• Scenario based (application!)
• Professional Marks
• Structure, tone, persuasiveness
45.
46. • Failing to answer the actual question
requirements
• Discussing too few points
• Identifying points but failing to expand
on them
• Lack of knowledge on certain syllabus
areas
• Illegible handwriting and
inadequate presentation
47.
48. • Answer the actual requirements
• Discuss many points
• expand on them
• Know all syllabus areas
•Write nicely with lots of gaps
95. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
96. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
Make money laundering a criminal offence
97. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
Make money laundering a criminal offence
Customer due diligence
98. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
Make money laundering a criminal offence
Customer due diligence
Record Keeping
99. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
Make money laundering a criminal offence
Customer due diligence
Record Keeping
Suspicious transactions reported
100. Money Laundering
Concealing true origin of
illegal proceeds
Financial action task force
Make money laundering a criminal offence
Customer due diligence
Record Keeping
Suspicious transactions reported
International Cooperation
105. Money Laundering
Offences
Disguising criminal property
Acquiring criminal property
Tipping off
No procedures
106. Money Laundering
Offences
Disguising criminal property
Acquiring criminal property
Tipping off
No procedures
Not following procedures
107. Money Laundering
Offences
Disguising criminal property
Tax evasion
Acquiring criminal property cash
Tipping off
No procedures
Not following procedures
108. Money Laundering
Offences
Disguising criminal property
Tax evasion
Cash saved from notcriminal property
Acquiring cash
complying with
regulations Tipping off
No procedures
Not following procedures
110. Money Laundering
& ETHICS
Client confidentiality v
Legal responsibility
111. Money Laundering
& ETHICS
Client confidentiality v
Legal responsibility
No breach of professional duty to report in good
faith
112. Money Laundering
& ETHICS
Client confidentiality v
Legal responsibility
No breach of professional duty to report in good
faith
Statutory protection given too
116. Procedures recommended by FATF
Identifying customers
Good record keeping
Reporting suspicious transactions
117. Procedures recommended by FATF
Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
118. Procedures recommended by FATF
Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
119. Procedures recommended by FATF
Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
120. Procedures recommended by FATF
No high risk ones
Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
121. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
122. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customers
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
123. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
(trusts)
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
124. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Of above (trusts)
Good record keeping
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
125. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Of all Of above (trusts)
Good record keeping
transactions
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
126. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Of all Of above (trusts)
Good record keeping suspicious activity
transactions
reports
Reporting suspicious transactions
Appointing MLRO
Training
Internal controls reducing risk
127. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Of all Of above (trusts)
Good record keeping suspicious activity
transactions
reports cash
big
Reporting suspicious transactions deposits
Appointing MLRO
Training
Internal controls reducing risk
128. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Of all Of above (trusts)
Good record keeping suspicious activity
transactions
reports cash
big
Reporting suspicious transactions deposits
Freq. exch into diff
currencies Appointing MLRO
Training
Internal controls reducing risk
129. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
reason
currencies Appointing MLRO
Training
Internal controls reducing risk
130. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
Senior - reports to a regulatory agency
reason
currencies Appointing MLRO
Training
Internal controls reducing risk
131. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
Senior - reports to a regulatory agency
reason
currencies Appointing MLRO
Sole practitioners exempt
Training
Internal controls reducing risk
132. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
Senior - reports to a regulatory agency
reason
currencies Appointing MLRO
Sole practitioners exempt
Communicate all regulations
Training
Internal controls reducing risk
133. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
Senior - reports to a regulatory agency
reason
currencies Appointing MLRO
Sole practitioners exempt
Communicate all regulations
Training
How to recognise & deal
Internal controls reducing risk
134. Procedures recommended by FATF
Full name and address (people)
No high risk ones
Certificate of incorp
(business) Identifying customersOrigin of funding
Overseas t/ns Of all Of above (trusts)
transactionsGood record keeping suspicious activity
no
reports cash
big
clear business Reporting suspicious transactions
Freq. exch into diff deposits
Senior - reports to a regulatory agency
reason
currencies Appointing MLRO
Sole practitioners exempt
Communicate all regulations
Training
How to recognise & deal
Internal controls reducing risk
Tested periodically
137. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement
138. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement
139. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement Layering
140. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement Layering
disguise the source and ownership of the funds by
creating complex layers of transactions
141. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement Layering
disguise the source and ownership of the funds by
creating complex layers of transactions
142. introduction of cash acquired through illegal activities
into the business is known as ‘placement’.
Placement Layering
disguise the source and ownership of the funds by
creating complex layers of transactions
Integration
143. Compliance with laws and regulations in an audit of
financial statements: ISA 250
144. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
145. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
146. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
147. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
148. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
Audit procedures to help identify non- compliance:
149. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
Audit procedures to help identify non- compliance:
- Ask management about compliance
150. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
Audit procedures to help identify non- compliance:
- Ask management about compliance
- inspect any authority correspondence
151. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
Audit procedures to help identify non- compliance:
- Ask management about compliance
- inspect any authority correspondence
Get management written representations that all (suspected) non-compliance has
been disclosed
152. Compliance with laws and regulations in an audit of
financial statements: ISA 250
The auditor should:
Understand the regulatory framework and the entity’s compliance
obtain sufficient evidence of compliance
Audit procedures to help identify non- compliance:
- Ask management about compliance
- inspect any authority correspondence
Get management written representations that all (suspected) non-compliance has
been disclosed
Document (suspected) non-compliance and discussions with management and/or
other parties.
155. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
156. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
157. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
For suspected non-compliance, discuss with management. If
compliance is not proved, take legal advice.
158. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
For suspected non-compliance, discuss with management. If
compliance is not proved, take legal advice.
If insufficient evidence re suspected non-compliance, consider impact
on the audit report (“limitation on scope”)
159. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
For suspected non-compliance, discuss with management. If
compliance is not proved, take legal advice.
If insufficient evidence re suspected non-compliance, consider impact
on the audit report (“limitation on scope”)
Does it impact on other areas of the audit (eg overall risk
assessment)
160. Action if (suspected) non-compliance
Understand its nature and circumstances
Evaluate its possible effect on the FS
For suspected non-compliance, discuss with management. If
compliance is not proved, take legal advice.
If insufficient evidence re suspected non-compliance, consider impact
on the audit report (“limitation on scope”)
Does it impact on other areas of the audit (eg overall risk
assessment)
Consider who to report it to - those charged with governance and/
or shareholders and/or to authorities.
