Improving Anti-Money Laundering Compliance: Self-Protecting by Abdullahi Usman Bello

By Abdullahi Usman Bello

This booklet offers functional tips about the best way to increase the effectiveness and potency of AML compliance by way of introducing the speculation, framework and method for facing the troubles of cash Laundering Reporting officials (MLROs) in the united kingdom banking undefined. consequently, Bello focusses on offering a theoretical rationalization of compliance behaviour that's inadequately lined. even supposing the examine is concentrated on MLROs in the united kingdom banking undefined, the self-protecting concept came across from the examine has basic program to different compliance officials inside of and out of doors the united kingdom. it's also appropriate to regulatory environments in different monetary sectors. the alternative of MLROs and the united kingdom because the concentration of the research used to be simply because those people are arguably crucial stakeholders in AML and the united kingdom is without doubt one of the greatest monetary centres on the earth that offers chance for cash laundering actions. A methodological and unique learn, this publication should be of specific curiosity to practitioners and the regulatory specialists, in addition to students of criminology and finance.

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Extra resources for Improving Anti-Money Laundering Compliance: Self-Protecting Theory and Money Laundering Reporting Officers

Example text

To achieve the purposes of AML, governments across the world adopted two strategies: firstly, directly introducing harsh policies against money launderers through efforts on predicate offences, and secondly, introducing preventive policies to make sure that the proceeds of crime are not laundered through regulated entities (van den Broek 2011). Law enforcement agencies were left with their traditional responsibility of investigating and prosecuting the predicate offence of money laundering while regulated entities were primarily charged with the responsibility of preventing money laundering by ensuring that they have adequate systems and controls to prevent the use of their systems for laundering the proceeds of crime (Araujo 2008).

It was the most significant because it provided specific requirements, included the private sector fully in the AML effort, defined the role of regulatory authorities, and provided a framework for its implementation (FATF 1990). The 40 Recommendations are also accepted worldwide with 188 countries using them (FATF 2013a). The specific nature of the 40 Recommendations was the basis of the rule-based approach to AML (Yan et al. 2011) that was later shown to be ineffective as contained in a review by van den Broek (2011).

The 40 Recommendations are also accepted worldwide with 188 countries using them (FATF 2013a). The specific nature of the 40 Recommendations was the basis of the rule-based approach to AML (Yan et al. 2011) that was later shown to be ineffective as contained in a review by van den Broek (2011). The recommendations contain requirements that member countries are obliged to follow to assist in the global fight against money laundering. Some of the requirements include a threshold for currency reporting (van den Broek 2011), know your customer requirements and suspicious activity reporting (Jackson 2000).

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