Anti-money laundering regulations and its effectiveness

Abstract

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this study is to check the effectiveness of anti-money laundering (AML) regulations in Pakistan. The study investigates and analyses some key variables that may be influencing the effectiveness of anti-money regulations in Pakistan. Money laundering is most prevalent in the banking sector, as banks deals with the money's deposition, withdrawal and transfer, therefore, it is necessary to evaluate the effectiveness of anti-money regulations on subjective judgments. It is an exploratory study in which I have tried to find the relationship and impact of three regulations, which are customer record keeping, employee training and suspicious transaction reporting on money laundering. Design/methodology/approach -A sample of hundred responses has been collected from employees working in different banks located in Rawalpindi and Lahore through questionnaire. Questionnaire has been developed on the basis of different dimensions of the research variables. Findings -It has been found that that there is an impact of employee training on money laundering in banking system. A moderate inverse relationship between employee training and money laundering and anti-money laundering regulation of customer record keeping has weak impact on money laundering in developing countries. Research limitations/implications -The research is limited to Pakistan only, and to apply the same concept in other countries, researchers need to check the financial institutions of that country as well. Originality/value -It has been suggested that to stop money laundry, special budget should be allocated for the capacity building of employees through training. Timely guidance and assistance of foreign-trained instructors or experts in combating money laundering should be taken. Implementation of anti-money laundering regulations should be transparent, consistent and timely.

Money laundering risk from emerging markets: the case of Vietnam

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Purpose -The purpose of this paper is to apply the framework Price (2008) and HSBC Money Laundering Risk Procedures 2016 for estimating the risk contribution of each individual customer in Vietnamese banking system using the information from the survey in South East region in Vietnam in general and Ho Chi Minh city in specific.Design/methodology/approach -Based on the collected data from the survey, the Money Laundering Risk Score (MLRS) is calculated for each customer who is using the services and products of Vietnamese commercial banks by the enhanced measurement model of Christopher Price, the ordinary least squares and three variations of logistic regression model.Findings -This paper proposes an appropriate estimation of the money laundering risk (MLR) for personal customer using the most significant factors that affects MLR and suggests practical recommendations for commercial banking system.Practical implications -This paper suggests an intuitive method to estimate the contribution of each customer factor on their MLRS.Originality/value -The higher respondent's group of age lead to the higher MLR occurred in the financial market. Follow the works of Wolfsberg et al (2006), Sathan and Mahendhiran (2007), Usman Kemal (2014) and Reganati and Oliva (2017), this paper also confirms negative relationship between MLR with the respondent's group of salary and the academic level. This indicated that the lower amount of money the respondents earn and lower academic level they were, the higher degree of MLR.

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“…Originality/value -The higher respondent's group of age lead to the higher MLR occurred in the financial market. Follow the works of Wolfsberg et al (2006), Sathan and Mahendhiran (2007), Usman Kemal (2014) and Reganati and Oliva (2017), this paper also confirms negative relationship between MLR with the respondent's group of salary and the academic level. This indicated that the lower amount of money the respondents earn and lower academic level they were, the higher degree of MLR.…”

ELECTRUM-G, A Tangible Coin Actualization Schema: Patents for Casting, Forensics and Trade Options

“…Somebody could say this is the only existing value but we could easily remind him the initial properties of money: durability, portability, divisibility, uniformity, limited supply, and acceptability (Eken, 2017;Whitingg, 1994). In our time other characteristics are more significant like properly taxed, legally earned and existence of AML compliance (Usman, 2014;Naylor, 2003;Sharman, 2008) The technology to achieve this functionality do not exist today. The procedure could be described as inside the coin rigidly embedded custom RFID.…”

Anti-Money Laundering Game between Banking Institutions and Employees in the Progressing CNY Internationalization

“…According to the major international experience in AML supervision on private banking, Wenjun Tong [13] gives suggestions for strengthening the regulatory measures of AML for private banking in China. Muhammad [14] finds that employee training has an effect on money laundering in banking system. He suggests that special budget should be allocated for the capacity building of employees through training and implementation of AML regulations should be timely, transparent and consistent.…”