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Financial crime compliance in professional services: Moving beyond the three lines of defence

Author

Listed:
  • Vaughan, Catherine

    (Partner, Global Financial Crime, Ethics & Compliance Leader, Ernst & Young, Ireland)

Abstract

The role of professional services in the fight against Financial Crime is as integral as that of the financial sector. Often viewed as ‘Gatekeepers’, professional services including Accountants, Auditors, Lawyers and Tax professionals have a significant role to play in combatting the flow of illicit funds through the world’s economies. This paper explores how professional service organisations, in particular within the Accounting profession, approach compliance with complex and fast-changing rules as they respond to expectations placed on them by regulators, clients and other stakeholders. Examining the traditional ‘three lines’ model for compliance frameworks, the author asks the question, ‘Is it time to move beyond the three lines of defence?’ As part of a broader approach to Enterprise Risk Management consideration is given to the role of education and empowerment as ways of enabling professionals meet their obligations with these key non-negotiable compliance requirements.

Suggested Citation

  • Vaughan, Catherine, 2022. "Financial crime compliance in professional services: Moving beyond the three lines of defence," Journal of Financial Compliance, Henry Stewart Publications, vol. 5(3), pages 267-274, March.
    • Handle: RePEc:aza:jfc000:y:2022:v:5:i:3:p:267-274
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    More about this item

    Keywords

    Professional services; financial crime; compliance; 3 lines of defence; enablement; empowerment;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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