• Medientyp: E-Book
  • Titel: The Impact of Anti-Money Laundering Regulation on Money Laundering Complemented by Challenges and Issues : A comparative Study of Local and Foreign Banks in Pakistan
  • Beteiligte: Khan, Muhammad Asif [Verfasser:in]; Siddiqui, Danish Ahmed [Verfasser:in]
  • Erschienen: [S.l.]: SSRN, [2023]
  • Umfang: 1 Online-Ressource (38 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.3942264
  • Identifikator:
  • Schlagwörter: Anti-Money Laundry ; Employee Training ; Record Keeping ; Suspicious Transaction
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 14, 2021 erstellt
  • Beschreibung: Purpose – The reason for this examination is to check the feasibility of anti-money laundering (AML) regulation implementation in foreign and local banks in Pakistan. Money laundering is most prevalent in the banking sector, as banks deal with the money’s deposition, withdrawal, and funds transmission. This study explores and reviews some key factors that might be affecting the capability of anti-money laundering regulation in Pakistan. It is a confirmatory investigation wherein we have attempted to discover the effect of three regulations, which are customer record-keeping, employee training, and suspicious transaction reporting on money laundering. We also proposed a moderation of challenges/ issues in the effectiveness of AML regulations.Design/methodology/approach – A sample of three Hundred responses has been collected from employees working in different banks located all over Pakistan through a questionnaire. The questionnaire has been developed based on different dimensions of the research variables.Findings – It has been found that that there is a significant and positive impact of customer record keeping and suspicious transactions on money laundering in the banking system. Interestingly, an inverse relationship between employee training and money laundering was found.Research limitations/implications – The research is restricted to Pakistan just, and to apply the similar idea in different nations, scientists need to check the monetary establishments of that country also. The moderation framework suggested the challenges and issue seems to positively moderate the effect of employees training and money laundering, in a way, in a more challenging environment, the impact of employees training on money laundering would become more pronounced.Originality/value – Very little research about the costs of the anti-money laundering regulations has been done so far and this paper is entering a new field of research. It has been suggested that to stop money laundering, an extraordinary budget should be allocated for the volume building of employees through training. Timely supervision and support of foreign-trained instructors or specialists in combating money laundering should be taken. Application of anti-money laundering regulations should be transparent, reliable, and timely
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