Die Geldwäscheprävention in den Instituten der Finanzbranche als integraler Bestandteil ihres Compliance-Management-Systems

2020 ◽  
Author(s):  
Eva-Maria Vollmuth
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Management Systems ◽  
Security Measures ◽  
Compliance Management ◽  
Legal Provisions ◽  
Legal Questions ◽  
Combat Money Laundering

Recent cases of money laundering involving globally active banks illustrate the growing importance of legal provisions to curb money laundering. Vollmuth examines the prevention of money laundering in financial institutions and shows that the security measures to be established must be an essential part of compliance management in order to combat money laundering successfully. The author deals with the new requirements of the revised Money Laundering Act of June 23, 2017 and discusses legal questions of interpretation of the revised Act. Eva-Maria Vollmuth is working in the field of regulatory audits and consulting on money laundering law and compliance.

Selected challenges associated with the reliance on customer due diligence measures to curb money laundering in South African banks and related financial institutions

2021 ◽  
Vol 8 (1) ◽  
pp. 42-66
Author(s):  
Howard Chitimira ◽  
Sharon Munedzi
Keyword(s):  
South Africa ◽  
South African ◽  
Money Laundering ◽  
Financial Institutions ◽  
Financial Institution ◽  
Financial Sector ◽  
Due Diligence ◽  
Role Players ◽  
Customer Due Diligence ◽  
Combat Money Laundering

Customer due diligence is a means of ensuring that financial institutions know their customers well through know-your-customer (KYC) tools and related measures. Notably, customer due diligence measures include the identification and verification of customer identity, keeping records of transactions concluded between a customer and the financial institution, ongoing monitoring of customer account activities, reporting unusual and suspicious transactions, and risk assessment programmes. Accordingly, financial institutions should ensure that their customers are risk assessed before concluding any transactions with them. The regulation of money laundering is crucial to the economic growth of many countries, including South Africa. However, there are still numerous challenges affecting the banks and other role players’ reliance on customer due diligence measures to combat money laundering in South Africa. Therefore, a qualitative research methodology is employed in this article to unpack such challenges. The challenges include the failure to meet the identification and verification requirements by some South African citizens, onerous documentation requirements giving rise to other persons being denied access to the formal financial sector, and the lack of express provisions to regulate the informal financial sector in South Africa. Given this background, the article discusses the challenges associated with the regulation and implementation of customer due diligence measures to enhance the combating of money laundering in South African banks and related financial institutions. It is hoped that the recommendations provided in this article will be utilised by the relevant authorities to enhance customer due diligence and effectively combat money laundering activities in South African banks and related financial institutions.

scholarly journals The Effects of Money Laundering on Monetary Markets Introduction

2019 ◽  
Vol 13 (12) ◽  
pp. 43
Author(s):  
Marwan Mohammad Aboel-Majeed Abu-Orabi ◽  
Abeer F.A. Al Abbadi
Keyword(s):  
Exchange Rates ◽  
Money Laundering ◽  
Financial Institutions ◽  
Foreign Investments ◽  
Monetary Policies ◽  
Study Population ◽  
The Government ◽  
The Stability ◽  
The Impact ◽  
Combat Money Laundering

The aim of this study is to determine the impact of money laundering on: the competition in the financial and monetary markets, the stability of the investment sector in Jordan, the ability of the government to control the monetary policies in Jordan, the attraction of foreign investments to the markets in Jordan and the Jordanian dinar exchange rates. A survey of the components and sample of the study population, composed of employees of the Central Bank of Jordan and the Audit Bureau, was used. A questionnaire was developed as a tool for the study, distributed to the study sample of (35). The study concludes that: Money laundering has a massive effect on monetary markets, competition in the financial and monetary markets, the government’s capability to control monetary policies, the investment sector’s stability, attracting foreign investments for the marketplace, and Jordanian Dinar’s exchange rate. Depending on the results of the study, the researcher recommends Introducing laws and regulations to combat money laundering, fostering the role judicial authorities, empowering prohibiting and punishment of involved financial institutions, confiscating of funds, punishing perpetrators, and developing legal procedures that regulate banks’, financial institutions’ and companies’ activities.  

scholarly journals LEGAL REMARKS ON THE OVERARCHING COMPLEXITIES OF CRYPTO ANTI-MONEY LAUNDERING REGULATION

2019 ◽  
Vol 4 (57) ◽  
pp. 83
Author(s):  
Gustavo Rabay GUERRA ◽  
Henrique Jerônimo Bezerra MARCOS
Keyword(s):  
Private Sector ◽  
Money Laundering ◽  
Financial Institutions ◽  
New Technology ◽  
Criminal Activity ◽  
Academic World ◽  
Legal Perspective ◽  
Block Chain ◽  
Shed Light ◽  
Combat Money Laundering

ABSTRACT Objective:The paper analyzes money laundering through crypto-assets and offers a legal perspective on how this new technology can be used to commit these felonies. The study intends to shed light on the matter, helping to visualize how future anti money laundering – AML regulation should focus on tackling crypto criminal activity effectively. Methodology: The research adopts an inductive approach, bibliographic and documental research technique, with an exploratory and propositional methodological objective. Results: The paper proposes the following framework of anti-money laundering principles for crypto-focused action: transnational approach for AML action; going beyond basic gatekeeper compliance approach, considering the lack of structural chokepoints in a blockchain protocol; private-sector cooperation and clear AML standards; usage of tracking and reverse-engineering anonymization techniques for the tracing of crypto transaction history; and adoption of a global blacklist for cryptoasset prefixes, preventing money laundering integration. Contributions: The study addresses a topic that is still unfamiliar in the academic world due to its innovation and complexity, as well as elaborates a set of principles to combat money laundering with crypto-assets that could be of great value to companies and financial institutions. KEYWORDS: Crypto-assets; crypto-currencies; bitcoin; blockchain; money laundering. RESUMO Objetivos: O artigo analisa a lavagem de dinheiro através de ativos criptográficos e oferece uma perspectiva jurídica sobre como essa nova tecnologia pode ser usada para cometer tais crimes. O estudo busca esclarecer o assunto, ajudando a visualizar como a futura regulação contra a lavagem de dinheiro cometida através destes ativos deve ser estruturada para assegurar efetividade. Metodologia: A pesquisa adota uma abordagem indutiva, a técnica de pesquisa é bibliográfica e documental, seu objetivo metodológico é exploratório e propositivo. Resultados: O artigo propõe o seguinte conjunto de princípios para o combate à lavagem de dinheiro com criptoativos: a abordagem transacional para combate à lavagem de dinheiro; ir além de uma abordagem focada em intermediários, considerando a falta de pontos de estrangulamento em um protocolo block chain; a cooperação com o setor privado e padrões claros de compliance para prevenção à lavagem de dinheiro; uso de técnicas de rastreamento e de engenharia reversa para processos de ocultação de histórico de transações; e a adoção de listas sujas globais para evitar a fase de integração do processo de lavagem de dinheiro com criptoativos.Contribuições: O estudo aborda um tema ainda muito pouco divulgado no meio acadêmico devido à sua inovação e complexidade, bem como elabora uma proposta de conjunto de princípios para o combate à lavagem de dinheiro com criptoativos que poderá ser de grande valia para empresas e instituições financeiras. PALAVRAS-CHAVE: Criptoativos; criptomoedas; bitcoin; blockchain; lavagem de dinheiro.

The problem of regulating the easy way out – EU money laundering regulation

2019 ◽  
Vol 22 (4) ◽  
pp. 666-677 ◽  
Author(s):  
Kalle Johannes Rose
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Regulatory Focus ◽  
Design Methodology ◽  
Law And Economics ◽  
Vital Role ◽  
Economic Conditions ◽  
Content Type ◽  
Definition Of ◽  
Combat Money Laundering

Purpose Current research within law and economics focus on money laundering as an externality problem caused by financial institutions. Thus, when existing research and legislation place the responsibility on financial institutions, it creates a void where it is neglected that clients of financial institutions may, in fact, play a vital role in the problem of externality. However, based on the definition of money laundering, this paper aims to examine and analyze the need to focus on the clients as part of the externality problem with regard to money laundering. Design/methodology/approach This paper examines how a lack of regulatory focus on the clients of financial institutions lead to inefficient anti-money laundering regulation. Through a functional approach of law and economics, it analyzes the externality problem of money laundering based on both the legal definition and the economic conditions of the problem. Findings Based on the fourth anti-money laundering directive, the paper argues that present regulation has a tendency to focus on financial institutions, thereby not considering the entire scope of the externality problem in money laundering. For regulation to efficiently combat money laundering, it is necessary to place some responsibility on the clients of financial institutions and not solely on the financial institutions. Nevertheless, the inclusion of client responsibility might lead to some legal or economic complications, which need to be subject to further research. Originality/value The paper identifies the need for a fundamental change in the perception of the externality problem of money laundering, and thus, presents the required approach to reach an efficient solution.

scholarly journals Anti-money laundering recommendations for cash-based economies in West Africa.

2013 ◽  
Vol 11 (1) ◽  
pp. 24-32
Author(s):  
Ronald H Mynhardt ◽  
Johan Marx
Keyword(s):  
West Africa ◽  
Money Laundering ◽  
Financial Institutions ◽  
Task Force ◽  
Financial Action Task Force ◽  
Financial Action Task ◽  
Combat Money Laundering

Money laundering can boost corruption, worsen poverty, and bankrupt vulnerable financial institutions. In view of this, a study was conducted amongst the banks in West Africa, in cash-based economies, with the objective to ascertain the level of their Financial Action Task Force implementation. The study found that the implementation of the Financial Action Task Force recommendations in these countries was at different stages due to these countries being cash-based economies. The majority of these countries have anti-money laundering legislation but lack the capability to monitor and counter money laundering activities. This may be ascribed to a lack of adequate resources, expertise, investigations and prosecution capabilities. Some amendments to the Financial Action Task Force recommendations are proposed to incorporate cash-based economies in order to effectively combat money laundering.

scholarly journals Zastosowanie normy ISO/EIC 27001 w sektorze finansowym — zakres i korzyści

Ekonomia ◽  
2018 ◽  
Vol 24 (2) ◽  
pp. 107-121 ◽  
Author(s):  
Agnieszka Krawczyk-Jezierska ◽  
Jarosław Jezierski
Keyword(s):  
Information Security ◽  
Financial Institutions ◽  
Security Management ◽  
Personal Data ◽  
Financial Sector ◽  
Security Measures ◽  
Information Security Management ◽  
Legal Provisions ◽  
Information Security Management System ◽  
Iec 27001

Application of ISO/EIC 27001 in the financial sector — scope and benefitsIn the face of technological advances and, as a result, the increasing threat of the loss of growing amount of data collected by financial institutions, it seems necessary to employ effective security measures in the process of information management. The necessity to implement information security management systems ISMS by all institutions processing personal data is reflected in national legislation. The requirements resulting from contemporary hazards and legal provisions are concurrent with the requirements of the international standard ISO/IEC 27001, concerning the designing of the information security management system. This standard is most widely used by IT companies, however, the financial sector that collects and a processes huge amount of personal data, constitutes its significant recipient. Most of the companies certified by this standard come from the Eastern Asia and Pacific region, dominated by Japan, and from Europe, where the United Kingdom is the leader. In Poland the use of ISO/IEC 27001 is growing, yet the financial institutions that fulfill its requirements are still in a minority. It seems that from May 2018 on, national regulations imposing greater responsibility for the security of personal data on the institutions processing it, will bring the above-mentioned standard into focus.

Adaptive Management of Information Network Protection with Analysis of Intruder's Actions

2018 ◽  
pp. 61-72 ◽  
Author(s):  
G. I. Korshunov ◽  
V. A. Lipatnikov ◽  
A. A. Shevchenko ◽  
V. Y. Malyshev
Keyword(s):  
Adaptive Control ◽  
Adaptive Management ◽  
Management Systems ◽  
Information Network ◽  
Practical Relevance ◽  
Operational Control ◽  
Security Measures ◽  
Reliable Prediction ◽  
Stochastic Uncertainty ◽  
Network Protection

Introduction:The known methods of adaptive management of information network protection with special security measures are not effective enough in modern conditions, as they only take into account collected and processed data on security events and do not analyze the dynamics of the actions.Purpose:Developing a method of adaptive control of information network protection based on the analysis of violator's actions.Results:A method has been proposed for adaptive management of information network protection. Unlike other known methods, it is based on analyzing the dynamics of the violator's actions and determining the situational confrontation parameters under stochastic uncertainty. The method includes situation monitoring, operational control of the sequence of violator's actions, modeling the attacker's strategy, determining the situational parameters with a reliable prediction of the intrusion strategy. During the analysis, the network administrator receives information about the priority purposes of an intruder, the tools used and the vulnerabilities of the network. This provides an opportunity to promptly take measures to increase the security of the network and avoid its compromise.Practical relevance: Тhis approach allows you to maintain the operation of automated management systems for an organization with integrated structure, taking into account the scaling in planning and making changes to the structure on the background of information confrontation at the required level when multiple threats are changing their dynamics. 

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