Can microfinance crowdfunding reduce financial exclusion? Regulatory issues

2015 ◽  
Vol 33 (5) ◽  
pp. 624-636 ◽  
Author(s):  
Nadiya Marakkath ◽  
Laurence Attuel-mendes
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Legal Status ◽  
Social Innovation ◽  
Banking System ◽  
Regulatory Environment ◽  
Structured Interviews ◽  
Content Type ◽  
Regulatory Issues ◽  
Financial Exclusion

Purpose – The purpose of this paper is to discuss how regulatory environment can be a fundamental constraint or lever in defining the scope of operations of a social innovation. Design/methodology/approach – Semi-structured interviews with top-level executives of pioneers of crowdfunding were run in India and France, two of the three leading countries in this field. Findings – Four main issues rise: choice of legal status, constraints for the operations model, compliance with anti-money laundering measures and challenges in marketing and sustainability. Originality/value – This paper contributes to knowledge advancement in the field of this new funding actor that could challenge the banking system. This is the first paper to explore these regulatory issues and their impact on marketing practices.

The use of cryptocurrencies in the money laundering process

2019 ◽  
Vol 22 (2) ◽  
pp. 210-216 ◽  
Author(s):  
Chad Albrecht ◽  
Kristopher McKay Duffin ◽  
Steven Hawkins ◽  
Victor Manuel Morales Rocha
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Banking System ◽  
Central Banking ◽  
Content Type ◽  
Digital Currency ◽  
Theoretical Paper ◽  
New Form ◽  
Financial Transactions

Purpose This paper aims to analyze the money laundering process itself, how cryptocurrencies have been integrated into this process, and how regulatory and government bodies are responding to this new form of currency. Design/methodology/approach This paper is a theoretical paper that discusses cryptocurrencies and their role in the money laundering process. Findings Cryptocurrencies eliminate the need for intermediary financial institutions and allow direct peer-to-peer financial transactions. Because of the anonymity introduced through blockchain, cryptocurrencies have been favored by the darknet and other criminal networks. Originality/value Cryptocurrencies are a nascent form of money that first arose with the creation of bitcoin in 2009. This form of purely digital currency was meant as a direct competitor to government-backed fiat currency that are controlled by the central banking system. The paper adds to the recent discussions and debate on cryptocurrencies by suggesting additional regulation to prevent their use in money laundering and corruption schemes.

Anti-money laundering developments in Iran

2019 ◽  
Vol 11 (4) ◽  
pp. 387-410 ◽  
Author(s):  
Mahdi Salehi ◽  
Vahid Molla Imeny
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Preventive Measures ◽  
Banking System ◽  
International Banking ◽  
Content Type ◽  
Global Concern ◽  
Three Stages ◽  
Set Up

Purpose Money laundering has become a global concern in recent years, and many countries attempt to employ some preventive measures to cope with this phenomenon. Anti-money laundering (AML) controls vary in different countries, and consequently many studies, to date, have taken account of these differences along with the AML efforts. In this regard, financial institutions play an important role to tackle money laundering by involving in all three stages of money laundering (placement, layering and integration). The purpose of this paper is to investigate the AML situation of the Iranian banks and also study some related variables. Design/methodology/approach Using the Wolfsberg questionnaire, a survey consisting of 24 Iranian authorized banks in 2017 was conducted. Findings We conclude that Iranian banks have proper AML controls in place. Furthermore, it is concluded that banks with more staffs and more experienced employees are more likely to establish strong AML controls; conversely, banks with more branches are less likely to set up strong AML controls. Originality/value The present study is the first study conducted in Iran, and the outcomes of the study may be helpful to the Iranian and also International Banking System to establish stronger AML controls.

scholarly journals Money laundering in Dubai: strategies and future directions

2014 ◽  
Vol 17 (3) ◽  
pp. 343-354 ◽  
Author(s):  
Belaisha Bin Belaisha ◽  
Graham Brooks
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Organized Crime ◽  
Design Methodology ◽  
Secondary Data ◽  
Structured Interviews ◽  
Future Directions ◽  
Content Type ◽  
Bank Employees

Purpose – This paper aims to highlight present strategies to prevent money laundering in Dubai. Design/methodology/approach – Thirty semi-structured interviews were conducted with Anti Money Laundering Suspicion Cases Unit (AMLSCU), Anti Organized Crime Department (AOCD) and Central Bank employees. Findings – This paper shows that AMLSCU, AOCD and Central Bank employees are aware that future strategies to prevent money laundering are needed. Research limitations/implications – Limited available secondary data and cases of money laundering. Originality/value – Interviews with key personnel in main organisations tasked with preventing money laundering in Dubai.

scholarly journals The effectiveness of Anti-Money Laundering policies and procedures within the Banking Sector in Bahrain

2020 ◽  
Vol 23 (4) ◽  
pp. 769-781
Author(s):  
Mark Eshwar Lokanan ◽  
Noor Nasimi
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Banking Sector ◽  
Positive Impact ◽  
Gulf Cooperation Council ◽  
Structured Interviews ◽  
Content Type ◽  
Policies And Procedures ◽  
Compliance Officers ◽  
Practical Implications

Purpose The purpose of this paper is to identify the anti-money laundering (AML) policies and procedures applied by the banks operating in Bahrain and assess the effectiveness of these policies. Design/methodology/approach Data for the study came from semi-structured interviews with compliance officers in Bahrain’s banking sector. A total of 22 interviews were conducted with Bahraini money laundering reporting officers and bankers. Findings The findings indicate that the banks in Bahrain comply with international AML procedures in combating money laundering. Despite Bahrain being ranked as having strong compliance policies and AML procedures among the Gulf Cooperation Council region, there are still issues with regulatory technology that needs to be addressed. Practical implications While there has been a positive impact of AML procedures, there are always more procedures that can be taken into consideration by banks in Bahrain to have more robust mechanisms to mitigate against the threat of money laundering. Originality/value To the best of authors’ knowledge, this paper is among the first to conduct an informed study of the effectiveness of compliance in the Bahrain’s financial sector. It can be used as a foundation paper for more mix-research on money laundering threats facing Bahrain’s banks.

scholarly journals Could banning virtual assets be a breach of the doctrine of legitimate expectation?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Md. Zahurul Haq ◽  
Kazi Fahmida Farzana ◽  
Moniruzzaman Md
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Legal Status ◽  
Task Force ◽  
Content Type ◽  
Legitimate Expectation ◽  
Legal Obligations ◽  
Global Standards ◽  
Financial Action Task ◽  
Practical Implications

Purpose This paper aims to examine the validity of a state’s prohibition on virtual assets in the context of its global commitment to battle against money laundering. Design/methodology/approach This was empirical legal research exploring how a general lack of expertise to apply a risk-based approach in anti-money laundering strategies might have implications for invoking the Financial Action Task Force (FATF) exclusion provisions in virtual asset regulation. Findings Invoking the exclusion provisions for banning virtual assets without meeting the prerequisites may put the financial system at risk and make a jurisdiction’s legal obligations appear breached. Research limitations/implications Anti-money laundering (AML) policymakers will take precautions and avoid misuse of the liberties they enjoy under FATF exclusion clauses/provisions. Practical implications The results of this study will help ensure more informed decision-making on the legal status and regulation of virtual assets. Originality/value The study helps ascertain the limits of privileges accorded to states under FATF exclusion provisions in applying global standards against money laundering.

Money laundering through banks in Dubai

2020 ◽  
Vol 28 (3) ◽  
pp. 337-352
Author(s):  
Fabian Maximilian Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Banking System ◽  
Structured Interviews ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose The purpose of this paper is to illustrate how illegally obtained funds from Austria, Germany, Liechtenstein and Switzerland are laundered through the banking system in Dubai. Design/methodology/approach The study is conducted using a qualitative content analysis of 60 semi-structured expert interviews with both criminals and money laundering prevention experts, and a quantitative survey of 200 financial sector compliance officers. Findings Some banks in Dubai are highly suitable for all stages of the money laundering process. However, although certain banks have weak compliance mechanisms, others act in an exemplary manner. Research limitations/implications The qualitative findings are based on semi-structured interviews and are limited to the 60 interviewees’ perspectives. Practical implications Identification of gaps in anti-money laundering mechanisms provides compliance officers, law enforcement agencies and legislators with valuable insights into how money laundering criminals operate. Originality/value The existing literature focuses mainly on organizations and the methods they use to combat money laundering. This paper outlines how money launderers operate to avoid detection. Authentic experiences are illustrated. The reader is provided with valuable insights into the minds of money launderers. Both lawful and criminal perspectives are taken into account.

scholarly journals Teaching innovations in Asian higher education: perspectives of educators

2018 ◽  
Vol 13 (2) ◽  
pp. 179-190 ◽  
Author(s):  
T.M. Wong
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Higher Education Institutions ◽  
The Other ◽  
Asian Countries ◽  
Structured Interviews ◽  
Content Type ◽  
Advanced Technologies ◽  
The Many

Purpose The purpose of this paper is to identify the teaching innovations that have been implemented in higher education institutions in Asia and the perspectives of educators on them. Design/methodology/approach Semi-structured interviews were conducted with 28 educators who were affiliated with 23 higher education institutions in ten Asian countries/regions. The interviews covered information about the teaching innovations of the participants’ institutions, the characteristics of the innovative practices and the participants’ views on them. The relationships between the characteristics of institutions and their teaching innovations were also examined. Findings The results showed that the teaching innovations included two main categories, namely, those which involved the use of advanced technologies and those which did not. The innovations that involved the use of advanced technologies were mainly from larger institutions, while the other category was mainly from smaller ones and had been practised for less than 1.5 years. Differences were also identified between the two categories in terms of the aims and importance of innovations, innovative features, the evaluation of innovations and improvements needed for them. Originality/value The results highlighted that technology is only one of the many aspects of teaching innovations, which is different from the view prevailing in the literature. They also suggested that differences in the scale of institutions (in terms of number of students) possibly influences the kind of teaching innovations adopted.

FINRA’s disciplinary actions in 2017: increased restitution ordered with minimal changes in number of cases

2018 ◽  
Vol 19 (2) ◽  
pp. 19-23
Author(s):  
Brian Rubin ◽  
Adam Pollet
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Disciplinary Actions ◽  
Financial Industry ◽  
Electronic Communications ◽  
Content Type ◽  
The Past ◽  
Expert Analysis ◽  
Research Analysts ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the Financial Industry Regulatory Authority’s (FINRA) 2017 disciplinary actions, the issues that resulted in the most significant fines and restitution and the emerging enforcement trends from 2017 and beyond. Design/methodology/approach The approach of this paper discusses the disciplinary actions in 2017 and prior years, details the top 2017 enforcement issues measured by total fines assessed, including anti-money laundering, trade reporting, electronic communications, books and records, research analysts and research reports, and explains current enforcement trends, including restitution, suitability cases and technological issues. Findings In 2017, restitution more than doubled from the prior year, resulting in the fourth highest total sanctions (fines combined with restitution and disgorgement) assessed by FINRA over the past 10 years. Practical implications Firms and their representatives should heed the trends in both the substantial restitution FINRA is ordering and the related enforcement issues in the cases FINRA has brought. Originality/value This paper provides expert analysis and guidance from experienced securities enforcement lawyers.

scholarly journals Exploring producers' motivations and challenges within a farmers' market

2020 ◽  
Vol 122 (7) ◽  
pp. 2089-2103
Author(s):  
Rosario Michel-Villarreal ◽  
Eliseo Luis Vilalta-Perdomo ◽  
Martin Hingley
Keyword(s):  
Design Methodology ◽  
Farmers Markets ◽  
Full Time ◽  
Structured Interviews ◽  
Farmers Market ◽  
Content Type ◽  
Food Supply Chains ◽  
Part Time ◽  
Short Food Supply Chains

PurposeThe purpose of this study is to explore food producers' motivations and challenges whilst participating in short food supply chains (SFSCs). This paper compares findings with previous literature and investigates the topic in the context of producers' motivations.Design/methodology/approachThe paper includes a literature review concerning producers' motivations to engage in SFSCs. A case study was designed to investigate motivations underlying producers' engagement in SFSCs, as well as the challenges that they face. Semi-structured interviews were conducted in a farmers' market located in Mexico. Thematic analysis is used to identify the principal issues for producers'. Propositions based on findings are presented.FindingsFindings suggest that small, large, part-time and full-time producers are willing to engage with farmers' markets for diverse primary economic and non-economic motivations. Individual and collective challenges were also identified.Originality/valueThis research helps to explain producers' motivations and challenges within SFSCs in an under-researched context, namely a focus on producers' and in the Global South.

Has Lean improved organizational decision making?

2016 ◽  
Vol 29 (5) ◽  
pp. 536-549 ◽  
Author(s):  
Pascale Simons ◽  
Jos Benders ◽  
Jochen Bergs ◽  
Wim Marneffe ◽  
Dominique Vandijck
Keyword(s):  
Decision Making ◽  
Design Methodology ◽  
Lean Management ◽  
Structured Interviews ◽  
Organizational Decision Making ◽  
Content Type ◽  
Organizational Contexts ◽  
Sustainable Improvement ◽  
Care Processes ◽  
Practical Implications

Purpose – Sustainable improvement is likely to be hampered by ambiguous objectives and uncertain cause-effect relations in care processes (the organization’s decision-making context). Lean management can improve implementation results because it decreases ambiguity and uncertainties. But does it succeed? Many quality improvement (QI) initiatives are appropriate improvement strategies in organizational contexts characterized by low ambiguity and uncertainty. However, most care settings do not fit this context. The purpose of this paper is to investigate whether a Lean-inspired change program changed the organization’s decision-making context, making it more amenable for QI initiatives. Design/methodology/approach – In 2014, 12 professionals from a Dutch radiotherapy institute were interviewed regarding their perceptions of a Lean program in their organization and the perceived ambiguous objectives and uncertain cause-effect relations in their clinical processes. A survey (25 questions), addressing the same concepts, was conducted among the interviewees in 2011 and 2014. The structured interviews were analyzed using a deductive approach. Quantitative data were analyzed using appropriate statistics. Findings – Interviewees experienced improved shared visions and the number of uncertain cause-effect relations decreased. Overall, more positive (99) than negative Lean effects (18) were expressed. The surveys revealed enhanced process predictability and standardization, and improved shared visions. Practical implications – Lean implementation has shown to lead to greater transparency and increased shared visions. Originality/value – Lean management decreased ambiguous objectives and reduced uncertainties in clinical process cause-effect relations. Therefore, decision making benefitted from Lean increasing QI’s sustainability.

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