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dc.contributor.authorYeoh, Peter
dc.date.accessioned2019-07-04T13:55:07Z
dc.date.available2019-07-04T13:55:07Z
dc.date.issued2019-12-31
dc.identifier.citationYeoh, P. (2019) Banks' vulnerabilities to money laundering activities, Journal of Money Laundering Control.en
dc.identifier.issn1368-5201en
dc.identifier.urihttp://hdl.handle.net/2436/622518
dc.description.abstractPurpose This paper provides insights as to why money laundering persists in banks, and their weaknesses as gatekeepers. Design/methodology/approach This paper contextualizes the design and proliferation of AML measures; investigates the different manners of conceptualizing them; and provides insights pertaining to probable limitations of these measures. The paper relies on primary data from statutes and secondary data from published sources. Findings The paper’s findings suggest that competitive pressures, shareholders returns imperative, and lucrative misaligned incentives for management contributed to weaknesses in effective compliance in banks. Practical implications Insights drawn from this paper reinforces the notion that banks need to seriously review their business approaches, as well as their roles as gatekeepers. Social implications Given the slew of corporate scandals and other materially harmful misjudgments in moneylaundering compliance, banks might need to seriously review their role and obligations in the economy. Originality/value Much has been said about money-laundering activities enabled by the banking sector. This paper contributed to insights as to why they persist despite AML rules, and what measures could be further taken to enhance compliance effectiveness. Keywords Anti-money laundering, bitcoin, European banks, financial disruptions, jurisdictional risk, virtual currencies, whistleblowingen
dc.formatapplication/PDFen
dc.language.isoenen
dc.publisherEmeralden
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectanti-money launderingen
dc.subjectbitcoinen
dc.subjectEuropean banksen
dc.subjectfinancial disruptionsen
dc.subjectjurisdictional risken
dc.subjectvirtual currenciesen
dc.subjectwhistleblowingen
dc.titleBanks' vulnerabilities to money laundering activitiesen
dc.typeJournal articleen
dc.identifier.journalJournal of Money Laundering Controlen
dc.date.accepted2019-06-24
rioxxterms.funderUniversity of Wolverhamptonen
rioxxterms.identifier.projectUOW040719PYen
rioxxterms.versionAMen
rioxxterms.licenseref.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
rioxxterms.licenseref.startdate2019-12-31en
refterms.dateFCD2019-07-04T13:54:16Z
refterms.versionFCDAM


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Attribution-NonCommercial-NoDerivs 3.0 United States
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 United States