Internal control and prevention of money laundering in savings and credit cooperatives [Control interno y prevención del lavado de activos en cooperativas de ahorro y crédito]

Abstract

Money laundering is the process of concealing the illicit origins of resources obtained from criminal activities to make them appear legitimate. The objective of the study is to design internal control activities to optimise the identification and mitigation of risks associated with money laundering in the savings and credit cooperatives of the canton of El Tambo. A non-experimental methodology with a mixed approach was used. The results showed a positive perception; however, areas for improvement were identified, such as the consistency of audits and the clarity of protocols. An internal control design was proposed with specific actions such as customer knowledge, verification of sources of funds and monitoring of suspicious transactions. It is concluded that, although there are solid foundations, controls need to be strengthened to mitigate the risks of money laundering.