Ineffective compliance programs expose banking and trust companies to increased risk of money laundering (ML) and terrorist financing (TF). Using risk management theory, the purpose of this multiple case study was to explore compliance strategies that Bahamian bank and trust company managers use to reduce ML/TF risks. Study participants comprised 7 senior risk and compliance managers experienced in risk strategy development and implementation. Semistructured interview data were triangulated with data collected from internal policy and procedural documents, publicly available papers of the Financial Action Task Force on Money Laundering (FATF), the Basel Committee on Banking Supervision (BCBS), and the Central Bank of The Bahamas. Thematic coding resulted in 3 emergent themes including developing compliance strategies, overcoming operational challenges, and strategy success and measurement. Findings showed that effective compliance strategies resulted from risk and compliance managers' assessments of ML/TF risks posed by potential and existing clients. The implications for social change include the potential to prevent reputation damage attributed to ML/TF risks, reduce the failure rate of Bahamian bank and trust companies, and thus positively impact employment and tax revenue used for social programs in The Bahamas.
| Identifer | oai:union.ndltd.org:waldenu.edu/oai:scholarworks.waldenu.edu:dissertations-7196 |
| Date | 01 January 2018 |
| Creators | Nottage, Cassandra |
| Publisher | ScholarWorks |
| Source Sets | Walden University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Walden Dissertations and Doctoral Studies |
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