Abstract
The purpose of this study is to investigate Anti-Money laundry (AML) schemes of domestic banks and foreign banks by referencing findings from several professionals and scholars, and by analyzing AML policies domestically and internationally. Some commonly used methods of money laundry found in several case studies include: electronic fund transfer, opening joint account, collusion with foreign banks or bankers, forged import or export documents, etc. They all have the following characteristics: cash intensive, multiple transfer, disguise, or cross country and cross border. This study analyzes and confirms characteristics and commonly used methods of money laundry. This study also finds it important for bank staff to understand money laundry methods and characteristics in order to play the guarding role of AML and to prevent this illegal activity.
This study proposes that the bank and bank employees have to complete the following tasks: 1. Arrange regular training and testing 2. Establish testing mechanism 3. Implement hierarchical review of abnormal transactions 4. Execute ad hoc review of AML systems 5. Proactively participate in AML training organized by banks or any relevant entities 6. Gain support from each of the management teams.
Furthermore, this study finds that three more policies are required due to practical challenges found while bank employees are executing the prevention rules outlined in AML regulations. The three policies will allow smooth execution of AML. They are: 1 System assistance, reports creation and staff training 2. Effective AML is not only about how the regulations are outlined but more importantly about how they are actually executed 3. Bank executives should reinforce awareness and understanding of AML.
The government and other related authorities should also ensure that the following tasks are implemented: 1. AML law should be complemented by fair inspection and regular audit 2. Related authorities should clarify the boundary of AML audit system adopted by each bank 3. Related authorities should publish regularly the result of how banks assist in AML and reward banks that proactively prevent money laundry. The above twelve suggestions will maximize the effectiveness of AML execution.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0628105-195923 |
| Date | 28 June 2005 |
| Creators | WU, SHU-HUI |
| Contributors | Liu, Victor W., Samuel C.Y. Ku, Wu,Jyh-Lin, Liao, Da-Chi |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0628105-195923 |
| Rights | campus_withheld, Copyright information available at source archive |
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