Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/30614
Title: Anti-money laundering strategies employed by subject persons : a focus on Maltese audit firms
Authors: Dimech, Samuel
Keywords: Money laundering -- Malta -- Prevention
Accounting firms -- Malta
Issue Date: 2017
Abstract: Purpose The study aims to highlight the strategies that local audit firms use and the challenges that they face when implementing their anti-money laundering framework. The study considers how audit firm size influences these strategies and challenges. When looking beyond complying with anti-money laundering law, the study aims to identify additional objectives that audit firms have when implementing their antimoney laundering framework. Finally, the study delves on the link between auditing and anti-money laundering by highlighting whether local audit firms would be in favour or against the possible introduction of a future auditing standard to be issued by the IAASB on anti-money laundering. Design Semi-structured interviews were conducted to collect data for the study. Such interviews were performed with employees working in the anti-money laundering field within their respective audit firms. In total, eleven audit firms were interviewed. Findings The study shows how audit firm size affects the strategies used and the challenges faced by local audit firms when implementing their anti-money laundering framework. The study indicates how audit firms implement their anti-money laundering framework so as to maintain their reputation and not just to remain compliant with anti-money laundering law. Finally, the study highlights how the majority of small and medium audit firms are against the future introduction of an auditing standard on anti-money laundering whilst larger firms are in favour of it. Conclusions The study concludes that the size of the audit firm influences various aspects of the firm’s anti-money laundering framework. Audit firm size also impacts operations, especially when considering the risk appetite policies that audit firms adopt. This is linked with how important reputation is for audit firms, given that reputation is one of their biggest assets. The importance of mitigating reputational risk is further emphasized due to the domino effect that it has on other areas. Value The study puts forward undocumented views of local audit firms when implementing their anti-money laundering framework. The study highlights how local audit firms may improve their anti-money laundering operations by investing in automated client due diligence systems and teaching clients the importance of client due diligence. The study also highlights how regulators and other institutions may aid local audit firms to improve their anti-money laundering operations.
Description: M.ACCTY.
URI: https://www.um.edu.mt/library/oar//handle/123456789/30614
Appears in Collections:Dissertations - FacEma - 2017
Dissertations - FacEMAAcc - 2017

Files in This Item:
File Description SizeFormat 
17MACC032.pdf
  Restricted Access
1.65 MBAdobe PDFView/Open Request a copy


Items in OAR@UM are protected by copyright, with all rights reserved, unless otherwise indicated.