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Internetbased Financial Services A New Laundry

Internetbased Financial Services A New Laundry The purpose of this paper is to determine whether Internetbased services, used by those individuals or organisations seeking to launder monies derived from illegal sources, will pose a greater risk to financial institutions than more traditional financial services. The use of the financial services sector by criminals seeking to launder money has become a business risk that financial institutions cannot ignore, with governments and regulators increasing the legislation and regulation designed to prevent money laundering. Financial institutions have both a moral and a legal obligation to assist in preventing criminals from obtaining benefits from their activities. Simultaneously, the development of Internetbased financial services continues at a rapid pace, with new technologies such as Wireless Application Protocol WAPenabled telephones and interactive televisions empowering customers, allowing them the flexibility to carry out transactions without the direct involvement of the institution. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

Internetbased Financial Services A New Laundry

Munro, Neil
Journal of Financial Crime , Volume 9 (2): 19 – Apr 1, 2001
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References (5)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1359-0790
DOI
10.1108/eb026014
Publisher site
See Article on Publisher Site

Abstract

The purpose of this paper is to determine whether Internetbased services, used by those individuals or organisations seeking to launder monies derived from illegal sources, will pose a greater risk to financial institutions than more traditional financial services. The use of the financial services sector by criminals seeking to launder money has become a business risk that financial institutions cannot ignore, with governments and regulators increasing the legislation and regulation designed to prevent money laundering. Financial institutions have both a moral and a legal obligation to assist in preventing criminals from obtaining benefits from their activities. Simultaneously, the development of Internetbased financial services continues at a rapid pace, with new technologies such as Wireless Application Protocol WAPenabled telephones and interactive televisions empowering customers, allowing them the flexibility to carry out transactions without the direct involvement of the institution.

Journal

Journal of Financial Crime – Emerald Publishing

Published: Apr 1, 2001

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