Protecting the financial system from abuse Challenges to banks in implementing AML/CFT standards

Protecting the financial system from abuse Challenges to banks in implementing AML/CFT standards Purpose – To examine the implications of the changing compliance environment confronting banks as the international anti‐money laundering/combating the financing of terrorism (AML/CFT) standards have become more rigorous and more attention is paid to integrity related concerns by supervisors and market participants. Design/methodology/approach – The paper describes recent regulatory and financial sector developments and draws analytical lessons. Findings – Banks are facing increasing pressure from a number of sources to improve their compliance with AML/CFT and integrity related standards, and a number of institutions are responding positively to the challenge to establish robust AML/CFT regimes. However, there is a risk of disruption of legitimate business lines. Practical implications – Striking the right balance in protecting systems from abuse while avoiding disruption to legitimate business lines will require further research on how best to implement the standards. Originality/value – The paper initiates a discussion on the cost/benefit analysis of the implementation of the AML/CFT standard and outlines some of the challenges involved in going forward. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Protecting the financial system from abuse Challenges to banks in implementing AML/CFT standards

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Publisher
Emerald Publishing
Copyright
Copyright © 2006 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200610645210
Publisher site
See Article on Publisher Site

Abstract

Purpose – To examine the implications of the changing compliance environment confronting banks as the international anti‐money laundering/combating the financing of terrorism (AML/CFT) standards have become more rigorous and more attention is paid to integrity related concerns by supervisors and market participants. Design/methodology/approach – The paper describes recent regulatory and financial sector developments and draws analytical lessons. Findings – Banks are facing increasing pressure from a number of sources to improve their compliance with AML/CFT and integrity related standards, and a number of institutions are responding positively to the challenge to establish robust AML/CFT regimes. However, there is a risk of disruption of legitimate business lines. Practical implications – Striking the right balance in protecting systems from abuse while avoiding disruption to legitimate business lines will require further research on how best to implement the standards. Originality/value – The paper initiates a discussion on the cost/benefit analysis of the implementation of the AML/CFT standard and outlines some of the challenges involved in going forward.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Jan 1, 2006

Keywords: Money laundering; Banks; Financial institutions

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