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10.FRAUD (Types (Teeming & Lading, Miss appropriation of assets,…
10.FRAUD
Types
Teeming & Lading
Miss appropriation of assets
Skimming
Payroll
Advance fee fraud (419)
Ponzi
Manipulation of year-end
Fictitious sales
Bogus supply
Widow Dressing
Risk
personnel who do not take leave/holidays
inadequate segregation of duties
high turnover rate
unusual transactions
unnecessarily complex corporate structure
domination by one person
Pre-Conditions
Motivation / Rationalization
Opportunity
Dishonesty
Money Laundering Process
Layering
Placement
Integration
ML Criminal offences
Failure to report
Tipping off
Laundering
Role
BOD
Prevent & detect
Audit Committee
monitor and review the company's internal control and risk management systems
External Audit
Reasonable expectation of detecting