Journal of Financial Regulation and Compliance · 2007 · 16 citations · 0 references
LawFinanceRisk ManagementFinancial RegulationFinancial Risk ManagementRisk AnalysisAnti-money Laundering RegulationAnti-money Laundering SupervisionDue DiligenceFinancial RiskMoney LaunderingRisk-based ApproachAml Risk AssessmentAnti-money Laundering (Aml) DetectionAnti-money Laundering ComplianceAnti-money Laundering Due DiligenceCustomer Due Diligence ThresholdsRisk-based Customer Due Diligence
Purpose The purpose of this paper is to present a risk‐based approach to anti‐money laundering (AML) systems. Design/methodology/approach The paper covers the areas of: customer due diligence, customer acceptance, risk management and implementation. Findings Regulators and financial institutions need to co‐operate so that AML standards can be set within a risk‐based approach, thus enabling a country to protect itself in the best possible and affordable way. Originality/value The paper outlines the controversy present between financial institutions and regulators in the approach to AML.