Preventing money laundering during the placement stage: the Jordanian commercial banks case

2022 ◽  
Vol 8 (1) ◽  
pp. 1
Author(s):  
Abdullah Ahmed Aldaas ◽  
Mohammad Ahmad Sumadi ◽  
Suleiman Jamal Mohammad ◽  
Asem Tahtamouni
Keyword(s):  
Money Laundering ◽  
Commercial Banks

scholarly journals Tanggung Jawab Bank Syariah dalam Penerapan Prinsip Kehati-hatian dan Good Corporate Governance

2012 ◽  
Vol 12 (1) ◽  
Author(s):  
Renny Supriyatni
Keyword(s):  
Corporate Governance ◽  
Moral Hazard ◽  
Money Laundering ◽  
Commercial Banks ◽  
Good Governance ◽  
Islamic Finance ◽  
Moral Hazards ◽  
Good Corporate Governance ◽  
Conventional Banks

Abstract: The Responsibilities of Shariah Banking in the application of Prudential Principles and Good Corporate Governance. A Bank’s functions as an intermediary institution is interesting in relation to the importance of responsibilities to customers in applying the principles of Good Corporate Governance (GCG). The application of the principle of prudence and good corporate governance in shariah banking is useful in minimizing risks that may arise from moral hazards and avoid transactions in money laundering. The responsibility of shariah banks in the distribution of Islamic finance is basically just a little different from its application in commercial banks, caused by differences between systems that are applied by conventional banks with a shariah system which directly impact on the rules used and structures of shariah banks.Keywords: Shariah banks, principle of prudence, good governance, principles of shariahAbstrak: Tanggung Jawab Bank Syariah dalam Penerapan Prinsip Kehati-hatian dan Good Corporate Governance. Fungsi bank sebagai lembaga intermediasi menarik dalam kaitannya dengan pentingnya tanggung jawab bagi pihak nasabah dengan menerapkan prinsip Good Corporate Governance (GCG). Penerapan prinsip kehati-hatian dan Good Corporate Governance dalam Pembiayaan syariah berguna untuk meminimalisasi risiko yang mungkin timbul dari moral hazard dan menghindari transaksi yang bersifat money laundering. Tanggung jawab bank syariah dalam penyaluran pembiayaan syariah pada dasarnya hanya sedikit berbeda dengan penerapannya pada bank umum, dikarenakan adanya perbedaan antara sistem yang diterapkan oleh bank konvensional dengan sistem syariah yang secara langsung berdampak kepada aturan yang dipakai dan struktur dari bank syariah.Kata Kunci: bank syariah, prinsip kehati-hatian, tata kelola yang baik, prinsip syariahDOI: 10.15408/ajis.v12i1.985

Latvian banks face tighter scrutiny and some may merge

2018 ◽  
Keyword(s):  
Central Bank ◽  
Commercial Bank ◽  
Business Model ◽  
Money Laundering ◽  
Commercial Banks ◽  
Business Models ◽  
Banking Sector ◽  
Content Type ◽  
High Profile ◽  
The Us

Significance Recent high-profile incidents have called into question the viability of the business model in large parts of Latvia’s banking sector. In February, the US Treasury accused ABLV Bank of laundering money for North Korea. Separately, Ilmars Rimsevics, governor of the Bank of Latvia (the central bank), was accused by a Latvian commercial bank of demanding bribes and taken into custody by the Bureau for Preventing and Combating Corruption (KNAB). Impacts Latvia’s reputation has suffered from the latest revelations and accusations of money laundering and corruption. There will be greater pressure on the Latvian authorities to be stricter on commercial banks whose main business is with non-residents. When this source of revenue dries up, some banks’ business models may have to change, also sparking some consolidation in the sector.

Combating money laundering by the banks in India: compliance and challenges

2015 ◽  
Vol 16 (4) ◽  
pp. 78-95 ◽  
Author(s):  
B Viritha ◽  
Velu Mariappan ◽  
Varun Venkatachalapathy
Keyword(s):  
Money Laundering ◽  
Commercial Banks ◽  
Information Exchange ◽  
Foreign Banks ◽  
Snowball Sampling ◽  
Content Type ◽  
Customer Support ◽  
The Public ◽  
Regulatory Guidelines ◽  
Customer Identification

Purpose – The study was conducted to assess the level of compliance with regulatory guidelines on anti-money laundering (AML) in the scheduled commercial banks in India, and to understand the bottlenecks in AML implementation. Design/methodology/approach – The respondents were employees working in the banks located in the States of Puducherry and Tamilnadu. Snowball sampling method was adopted in selecting the sample. The sample consisted of 392 employees from the public sector, private sector, and foreign banks in India. The data was collected by administering the structured questionnaire during the period June, 2014 to January, 2015. Descriptive and non-parametric tests were applied, and the significance was considered at þ ≤ 0.5. Findings – Results indicated that the banks were largely complying (3.67 ± 1.39) with the AML measures under study. The compliance with guidelines on KYC updation was found to be higher (79.9 per cent), followed by reporting requirements (72.7 per cent), and customer identification procedures (57.4 per cent). The practice of customising or amending the AML policy of the bank according to the bank ' s business risks and evolving regulatory obligations was found unsatisfactory (67.1 per cent). The respondents in majority agreed to the identified issues such as deficit of resources, lack of customer support, training, feedback and information exchange as constraints in the practice of AML. Originality/value – There is a dearth of studies examining the AML/CFT implementation in the financial institutions of India. Accordingly, the present study attempts to assess the practices of AML/CFT in commercial banks and understand their challenges faced in implementing it.

The role of commercial banks in combating money laundering

2011 ◽  
Vol 14 (4) ◽  
pp. 324-333 ◽  
Author(s):  
Musonda Simwayi ◽  
Wang Guohua
Keyword(s):  
Money Laundering ◽  
Commercial Banks

Factors related to the Central Bank instructions on money laundering

2017 ◽  
Vol 20 (3) ◽  
pp. 274-291 ◽  
Author(s):  
Osama Omar Jaara ◽  
Abdelrahim M. Kadomi
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Internal Control ◽  
Commercial Banks ◽  
Banking System ◽  
Statistical Technique ◽  
Advanced Technology ◽  
Highly Qualified ◽  
Content Type ◽  
Available Information

Purpose This paper aims to investigate Jordan’s framework specifics of the anti-money laundering (AML) policy and factors related to the Central Bank instructions on money laundering. Design/methodology/approach A questionnaire has been distributed to a random data sample of 100 branch bank managers and supervisors who have a sufficient experience in this issue, and a t-test statistical technique has been used. Findings The results revealed that commercial banks of Jordan are committed to the instruction of the central bank, and they are highly qualified in all investigated measures. Practical implications This study supports the Central Bank of Jordan’s efforts in combating money laundering, which encourage all commercial banks of one country to follow the same adopted regulations to identify and report transactions of suspicious behaviour: investigate capability of the tellers and customer account representatives to report such activities, use AML software, filter customer’s data classify available information according to levels of suspicion or based on the uncertain customers without being subject to the institutional secrecy jurisdiction and to work under cooperative management. Originality/value It has been recommended to utilize more advanced technology, intensify training and ensure for more knowing clients’ knowledge. The importance of this paper is to insure the following: first, the banking system is obliged to recognize and report suspicious money laundering transactions, regarding up to date the FATFA equivalence status of other countries; second, increase the awareness and ensure the central bank efforts’ success; third, assure the adequacy of different issues such as the internal control system tools; devices or tools availability; and sufficient employees’ qualifications in facing launderers attempts; fourth, to be sure that suspected transactions are checked against any commercial bank records; finally, to be sure that commercial banks are giving enough considerations to all the AML proactive actions such as the regulations of checking while opening an account, accepting money on deposit, giving loans, issuing a debit card, traveller’s check and collecting enough information about new clients.

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