Authors :
Frank Boateng Agyei
Volume/Issue :
Volume 8 - 2023, Issue 10 - October
Google Scholar :
https://tinyurl.com/2zybf4wd
Scribd :
https://tinyurl.com/yc43zv26
DOI :
https://doi.org/10.5281/zenodo.10002680
Abstract :
Money Laundering has become a threat to
economic growth and development in both advanced
jurisdictions and developing countries.
The purpose of this research paper is to analyze the
role of Banks in fighting Money Laundering in
augmenting the efforts of the Financial Action Taskforce
(FATF) and the Financial Intelligence Unit (FIU), using
specific principles and directives in monitoring all
suspicious transactions they are prone with. The paper
lay emphasis on how the whole banking sector can be
safeguarded and also be free from the negative impacts
of sanctions and blacklist by the international
community. The research clearly states how the banking
sector can maintain its sanctity and integrity when the
best international principles and directives are adhered
to. To be more specific on the objectives of the study, the
research explores the roles of banks, the effort of
responsible officers in fighting Money Laundering, and
the effective use of Know Your Customer (KYC) and
Customer Due Diligence (CDD) directives in this regard.Official Reports from international organizations
i.e National Crime Agency (NCA), FinCEN, and the
Basel Index on money laundering, and suspicious
transactions, for specific periods and countries are
considered in the context, of getting a clearer picture of
the challenge and the actual roles responsible officers
need to play in protecting the financial system.
Based on the reports and feedback,
recommendations were made to the banks in addition to
their stakeholders irrespective of their location to
properly collaborate especially with the Financial
Intelligence Unit and the regulator (the Central bank) in
fighting the canker and its related crimes. It would also
be necessary for banks to have and properly use internal
control mechanisms i.e., Know Your Customer (KYC),
and Customer Due Diligence (CDD) procedures for all
financial and non-financial transactions in helping to
achieve a banking system, clean and free from illegality.
Keywords :
Money Laundering, Financial Action Taskforce, Financial Intelligence Unit, Banking Institution, Central
Money Laundering has become a threat to
economic growth and development in both advanced
jurisdictions and developing countries.
The purpose of this research paper is to analyze the
role of Banks in fighting Money Laundering in
augmenting the efforts of the Financial Action Taskforce
(FATF) and the Financial Intelligence Unit (FIU), using
specific principles and directives in monitoring all
suspicious transactions they are prone with. The paper
lay emphasis on how the whole banking sector can be
safeguarded and also be free from the negative impacts
of sanctions and blacklist by the international
community. The research clearly states how the banking
sector can maintain its sanctity and integrity when the
best international principles and directives are adhered
to. To be more specific on the objectives of the study, the
research explores the roles of banks, the effort of
responsible officers in fighting Money Laundering, and
the effective use of Know Your Customer (KYC) and
Customer Due Diligence (CDD) directives in this regard.Official Reports from international organizations
i.e National Crime Agency (NCA), FinCEN, and the
Basel Index on money laundering, and suspicious
transactions, for specific periods and countries are
considered in the context, of getting a clearer picture of
the challenge and the actual roles responsible officers
need to play in protecting the financial system.
Based on the reports and feedback,
recommendations were made to the banks in addition to
their stakeholders irrespective of their location to
properly collaborate especially with the Financial
Intelligence Unit and the regulator (the Central bank) in
fighting the canker and its related crimes. It would also
be necessary for banks to have and properly use internal
control mechanisms i.e., Know Your Customer (KYC),
and Customer Due Diligence (CDD) procedures for all
financial and non-financial transactions in helping to
achieve a banking system, clean and free from illegality.
Keywords :
Money Laundering, Financial Action Taskforce, Financial Intelligence Unit, Banking Institution, Central
