Do Yemeni Banks Adhere to Best Practices of Anti-Money Laundering (original) (raw)
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Community Practitioner, 2023
This study aimed to determine the impact of compliance with anti-money laundering procedures on the performance of banks operating in Yemen. The study adopted the descriptive analytical approach and conducted a field survey using the questionnaire as a data collection tool. The study targeted all 17 banks operating in Yemen and obtained responses from 14 banks. The study sample was 323. Data analysis was conducted using SPSS26. The study reached several results, the most important of which is that adherence to anti-money laundering procedures has a positive impact on improving the performance of banks operating in Yemen. The most influential dimensions were policies and procedures, and the least influential were training and evaluation.
The Effectiveness of Anti Money Laundering Regulations of Malaysian Commercial Banks
International Journal of Academic Research in Accounting, Finance and Management Sciences
Money laundering has now been designated as a global crime, requiring the development of global strategies and policies to combat it. As a result, global courts should be established to hear all money-laundering cases and make informed decisions on punishments and penalties. The objective of this research is to assess the effectiveness of anti-money laundering (AML) regulations in Malaysian commercial banks. Customer record-keeping, suspicious transaction reporting, and employee training are three predictors that have been expected to affect money-laundering activities. Simple random sampling was used to pick the respondents from bank employees in the Klang Valley area. A total of 94 (94%) questionnaires were returned, and the data were analysed using descriptive and multiple regression analysis. The results indicating that customer record keeping, suspicious transaction reporting, and employee training have a significant relationship on money laundering prevention. Money laundering activities could be curbed by concentrating on customer record keeping, suspicious transaction reporting, and employee training. The findings show how the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) has become a vital gap in combating money laundering. Similar research may be performed in other environments with different money laundering laws and regulations.
The effect of the banking supervision on anti-money laundering
Humanities and Social Sciences Letters
This article's goal is to investigate the connection between banking supervision (BakSup) and anti-money laundering (AnMeyLg). The study's hypothesized model was examined using a survey questionnaire research methodology. The Central Bank of Sudan and the compliance departments of Sudanese banks provided the information. Just 247 valid surveys were received out of a total distribution of 450 questionnaires. The partial least squares method for structural equation modeling was applied. The statistical findings supported the impact of banking supervision on anti-money laundering. In-depth discussions of the study's specifics and consequences were included at various points. There are several real-world applications of the findings of this study. Management can use the findings to guide their decisions on whether or not to establish anti-money laundering procedures in their banking firms. Banking supervision may provide managers with effective anti-money laundering strategi...
Academy of Accounting and Financial Studies Journal, 2018
The aim of the study is to find the relationship between accounting factors (internal and external audit) and the 23 Jordanian banks (15 Jordanian banks & 8 foreign banks work in Jordan) commitment to detect and combating the money laundering in Jordan. The study has designed a questionnaire for collecting data. The total population was 115 questionnaires. To analyse data, the study used SPSS program. The result of the study showed that there is a direct and positive reflecting relationship between internal and external audit to detect and combating the money laundering in Jordanian banks. The main recommendations for this study is that bankers and policy makers should take all of the accounting factors (internal and external audit) into account to help them in detecting and combating of money laundering in Jordan; in the meantime the independent variables (internal and external audit) are necessitate and operative contribution towards current combating of money laundering, and cond...
Money laundering in selected emerging economies: is there a role for banks?
Journal of Money Laundering Control, 2020
Purpose-Understanding money laundering plays an important role in understanding economic growth (EG). Extensive research is conducted about that, previous research lacks answers about the relationship of anti-money laundering (AML) and EG by investigating the roles of the performance of Islamic banks, legal environment, financial crisis (FC) and bank size. Therefore, the purpose of this paper is to cover that gap. Design/methodology/approach-SmartPLS 3.0 was used and 33 Islamic banks were selected from developing countries between 2007 and 2010. Findings-Note that AML, Islamic bank performance, legal environment, and FC are significantly related to EG. Research limitations/implications-The research would be of importance to those seeking to understand the determinants of EG; it is also beneficial for those writing books about money laundering and Islamic banks in developing countries. The limitation of the study is the low number of Islamic banks that have complete data. Thus, this could be future research contribution. Originality/value-To the best knowledge of the author, research on money laundering and Islamic banks in developing countries are not extensive, we have found an ample room to discuss the said variables.
Anti-Money Laundering and Its Effectiveness
2014
Anti-money laundering (AML) broadly encompasses procedures, processes, laws, or regulations designed to curtail the practice of generating funds through illicit or criminal activities. Since 2001, Malaysian law enforcement agencies have stepped up their capacities and efforts to curb money laundering. However, implementation costs incurred on AML activities could be burdensome to the regulating, enforcement, and reporting agencies. Although these efforts are generally benefi cial, assessing their effectiveness before increasing the level of AML regulation is necessary. This paper reviews literature on various approaches used to estimate money laundering and assess the effectiveness of AML. Although different measures and models are used to estimate money laundering, no model to quantify money laundering is globally acceptable. The absence of an accurate measurement of costs incurred and the diffi culty in linking benefi ts to AML efforts pose challenges in assessing the effectivenes...
Anti‐Money Laundering: International Law and Practice
2012
Contents-United Arab Emirates 4 Primary offences 4.1 Definition of money laundering 4.2 Offences 4.3 No reference to theft 5 The Anti-Money Laundering and Suspicious Cases Unit 5.1 Financial Information Unit 5.2 AMLSCU 6 Regulatory supervision 6.1 Licensing and supervision agencies 6.2 Central Bank 6.3 Powers of government institutions 6.4 Maximum cash limits 7 Central Bank Anti-Money Laundering Regulation 24/2000 ('The 2000 Regulation') 7.1 Central Bank Notice 163/98 re: Suspicious account movements 7.2 No provisions on 'tipping off' 7.3 The 2000 Regulation of suspicious transactions 7.4 Scope of 2000 Regulations 7.5 Personal nature of obligations 7.6 Know your customer obligations 8 Penalties in case of breach 8.1 UAE signatory to Vienna Convention 8.2 Penalties for individuals and establishments 8.3 Intention required 8.4 Applicable fines 8.5 Personal responsibility
Law Enforcement of Money Laundering in Banking
Scientific Research Journal, 2020
This study aims to identify the mechanism of money laundering in banking institutions in Indonesia. This type of research is a legal research of the juridical-sociological approach. The location of the study was conducted at several banks including Bank Niaga, Bank Cental Bank Asia and Bank Indonesia (BI) in Makassar City. Legal materials used to solve problems as formulated in this legal research are sourced from primary, secondary and tertiary legal materials. Data obtained through data collection in the form of interviews and literature study. The data obtained both primary and secondary data, were analyzed qualitatively. The results showed that the mechanism of eradicating money laundering at banking institutions in Indonesia has been regulated by Undang-Undang Nomor 8 Tahun 2010 concerning Prevention and Eradication of Money Laundering. Money laundering regulations are considered effective in anticipating and eradicating money laundering by tracking the flow of funds in banking institutions related to disclosure of crimes seized at the same time also criminalizing anyone who receives a flow of crime. This authority is exercised by the PPATK (Financial Transaction Reports and Analysis Center), which has the task of preventing and combating money laundering.
Journal of Money Laundering Control, 2021
Purpose The efficient and strong financial system is considered as the backbone of the economy to function properly along with to attract international capital flow, investment and employment. But, on the other hand, weakness in the financial system will create negative impacts on the economy by sabotaging society’s trust in the financial system. In Pakistan, the key component of the financial sector is the banking sector including conventional and Islamic banking. Pakistan is among the pioneer of the Islamic banking sector, its share of 15.6% deposits in the total banking sector. This paper aims to analyze the effectiveness of anti-money laundering (AML) legislation in the Islamic banking sector of Pakistan. Design/methodology/approach The study is doctrinal legal research. The semi-structured interview approach for analysis have been adopted to analyze the materials used in the study to attain the objective. The survey approach was used in critically analyzing the effectiveness of...
International Journal of Professional Business Review
Purpose: This study seeks to determine whether internal control systems are important for preventing money laundering in Islamic and commercial banks in Jordan. It seeks to clarify the procedures and means for evaluating the internal control systems, identify the extent of their application, and determine their impact on reducing money laundering in banks. Theoretical framework: Money laundering is a significant criminal activity that has serious economic and social impacts. Despite anti-money laundering legislation and emphasis on internal controls, money laundering remains a pervasive problem in the financial industry. Effective internal controls can help prevent errors, manipulation, and fraud that facilitate money laundering, thereby preventing crime and ensuring market competitiveness. Design/methodology/approach: As part of the study, interviews were conducted using a qualitative methodology. It was essential that those selected for interviews work in a controlling positio...