Unit:
Specialty Internal AuditLibrary of the Faculty of Economics and of the Faculty of Business Administration
Author:
Sklivagkos Nikolaos
Supervisors info:
Παναγιώτης Αλεξάκης, Καθηγητής, Τμήμα Οικονομικών Επιστημών, Εθνικό Καποδιστριακό Πανεπιστήμιο Αθηνών
Δημήτρης Καινούργιος, Αναπληρωτής Καθηγητής Χρηματοοικονομικών, Τμήμα Οικονομικών Επιστημών, Εθνικό Καποδιστριακό Πανεπιστήμιο Αθηνών
Ευαγγελία Δημητρούλια ,Διδακτικό και Ερευνητικό Προσωπικό, Τμήμα Επιστημών Υγείας, Εθνικό Καποδιστριακό Πανεπιστήμιο Αθηνών
Original Title:
‘’The challenges ahead for the audit, the risk management and the compliance functions in the banking system, following the stricter regulatory framework in the anti-money laundering area.’’
Translated title:
‘’The Challenges ahead for the Audit, the Risk Management and the Compliance functions in the Banking System, following the stricter regulatory framework in the Anti-Money Laundering area.’’
Summary:
In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. According the World Bank, the cross – border flow of the global proceeds from criminal activities, corruption and tax evasion are estimated at between 1 trillion and 1,6 trillion USD per year. Taking under consideration, that the Banking System is the main channel, through profits from criminal activities become legitimate, the State and Audit Authorities, legislate laws and regulations, in which Bank should show the stricter compliance. The basic directions apply to the measurement and identification of the relative risks, the compliance and reporting program and the control of the adequacy and effectiveness of the ensurement valves. Following these, the subject of the thesis will be, the investigation of the minimum relative demands (legal-supervisor) and the optimum way of enactment and application, respectively, of the most effective procedures from the Banking System.
From the analysis of the available information it becomes obvious the importance that the national community gives to the fight against money laundering and the continuous efforts of the Authorities to legislate suitable frames to repulse this from occurring in the Banking Sector. This framework seems that will become even more demanding in the future. The first approaches are relevant with the illegal incomes from common crime (drug trafficking, human trafficking, extortion, illegal gambling etc.) but there were quickly enriched with corruption and tax evasion. The latest sub matters and especially that of the tax evasion became of major concern in our country. This is highlighted at the latest reports of the IMF (5/2011, 12/2012 και 2/2014) in special case studies that tax evasion and corruption in tax administration played a determinant role in the financial crisis that Greece is facing. Following these the subject of the IAT will be focused on the application of relative rules and guidelines in Greece and the corresponding demands which occur for the domestic Banking System and the “defensive lines”, those of the Risk Management, Compliance and Internal Audit functions.
Main subject category:
Social, Political and Economic sciences
Keywords:
Internal Audit, Money Laundering, Banking System, Risk, Compliance
