Challenges faced by local financial institutions in implementing anti-money laundering policies and procedures

This dissertation seeks to explore the main difficulties which are encountered by local financial institutions when carrying out Anti-Money Laundering (AML) policies and procedures. The research outlined the aspects which pose the greatest challenge to practitioners in this field. Moreover, the study will determine how such problems are dealt with and what kinds of measures are employed by local financial firms to alleviate these difficulties. The answers to the research questions were obtained through an empirical study that gathers data by means of a questionnaire which contains both open ended and close ended questions. The questionnaire was e-mailed to all local financial institutions and addressed specifically to those who conduct AML duties. From the replies obtained it was established that the element of cost is the most challenging aspect, whilst training poses the least problem. In fact, training helps to enhance the practitioners' skills and enables them to communicate better within their organisation. Respondents also believe that problems such as criminal innovation will be most predominant in the coming years. Finally, the researcher came up with a number of recommendations which would help financial institutions to identify the weaknesses of their current AML process, and thus be in a better position to carry out their work more effectively.

Grantor dc:publisher.institution

University of Malta

Year dc:date.issued

2011

• Money laundering
• Financial institutions

Statement dc:rights

• info:eu-repo/semantics/restrictedAccess

Language dc:language.iso

en

Repository record dc:identifier.uri

https://www.um.edu.mt/library/oar//handle/123456789/3875

OAI identifier oai:identifier

oai:www.um.edu.mt:123456789/3875