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Understanding and complying with AML regulations in the Asia Pacific Region
- Publisher
- Emerald Publishing
- Copyright
- Copyright © 2012 Emerald Group Publishing Limited. All rights reserved.
- ISSN
- 1368-5201
- DOI
- 10.1108/13685201211218225
- Publisher site
- See Article on Publisher Site
Abstract
Purpose – This paper attempts to examine the practical condition of implementing risk‐based approach (RBA) in Chinese financial sectors. Design/methodology/approach – This paper compares the differences between rule‐based approach and risk‐based approach (RBA), and provides different options to financial institutions considering their own circumstances. Findings – This paper finds that capacity constraint is an issue for directly transplanting the RBA performed by developed countries to Chinese financial institutions. Originality/value – This paper creatively proposes a rule‐based but risk‐oriented AML approach or partial RBA that fits Chinese financial institutions' reality underpinned by Chinese culture, and correspondingly, different assessment methods are presented as well.
Journal
Journal of Money Laundering Control – Emerald Publishing
Published: May 4, 2012
Keywords: Risk‐based approach; Money laundering; Risk management; Financial services; China