Journal Article

Money laundering influence on financial institutions and ways to retaliate

Kumar, Darshan, Lokanan, Mark Eshwar

2023

Overview

Purpose This paper aims to advance the professional knowledge, experience and expertise of anti-money laundering (AML) professionals by focusing on how money laundering (ML) impacts a variety of financial institutions (FIs) and in what ways the FIs can retaliate to detect, prevent and mitigate the risk of ML. Design/methodology/approach This paper use data from secondary sources. Many FI cases have been included such as a bank money service business (MSB) and insurance companies. Findings There should be a culture of compliance in organizations. Upper management, such as a designated committee or board members, should set the tone of compliance. Money launderers take advantage of every possible opportunity to convert illicit proceeds into clean proceeds with any institution or profession. Originality/value This paper used a case study approach to study the nuances of money laundering activities in various jurisdictions.

• Publisher: Emerald Publishing Limited,Emerald Group Publishing Limited
• Subject: Banking / Banks / Bribery / Case studies / Community development / Compliance / Credit card industry / Credit cards / Credit unions / Criminals / Customers / Financial institutions / Institutions / Insurance / Insurance companies / International organizations / Laundering of money / Money / Money laundering / Organizational culture / Private banking / Professional knowledge / Treasuries