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A survey of money laundering reporting officers and their attitudes towards money laundering regulations

A survey of money laundering reporting officers and their attitudes towards money laundering... Assesses the approach of London’s city banks towards the UK money laundering regulations, based on interviews with their Money Laundering Reporting Officers (MLROs(; the questions to the MLROs concerned their position in the bank, their attitudes to the regulations, the main benefits and costs for the bank of compliance with the regulations, and the type of anti‐money laundering training organised by the bank. Found that 27% of the MLROs had generally positive attitudes to the regulations and 40% had balanced or neutral attitudes; the 33% negative attitudes often involved the “know your customer” rules. Concludes that these banks take their anti‐money laundering responsibilities very seriously since the Financial Services Authority has new powers to prosecute non‐compliance; larger banks tended to have more positive attitudes than small or medium size banks. Recommends specific measures for optimising compliance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

A survey of money laundering reporting officers and their attitudes towards money laundering regulations

Laurence Webb
Journal of Money Laundering Control , Volume 7 (4): 9 – Oct 1, 2004
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References (1)

Publisher
Emerald Publishing
Copyright
none
ISSN
1368-5201
DOI
10.1108/13685200410810065
Publisher site
See Article on Publisher Site

Abstract

Assesses the approach of London’s city banks towards the UK money laundering regulations, based on interviews with their Money Laundering Reporting Officers (MLROs(; the questions to the MLROs concerned their position in the bank, their attitudes to the regulations, the main benefits and costs for the bank of compliance with the regulations, and the type of anti‐money laundering training organised by the bank. Found that 27% of the MLROs had generally positive attitudes to the regulations and 40% had balanced or neutral attitudes; the 33% negative attitudes often involved the “know your customer” rules. Concludes that these banks take their anti‐money laundering responsibilities very seriously since the Financial Services Authority has new powers to prosecute non‐compliance; larger banks tended to have more positive attitudes than small or medium size banks. Recommends specific measures for optimising compliance.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Oct 1, 2004

Keywords: Attitudes; United Kingdom; Money laundering; Banks; Regulation

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