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An Assessment of Current Anti-Money Laundering Strategies Among Financial Institutions in the United States.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	An Assessment of Current Anti-Money Laundering Strategies Among Financial Institutions in the United States./
Author:	Siddiqui, Raheel A.
Description:	1 online resource (112 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 85-06, Section: B.
Contained By:	Dissertations Abstracts International85-06B.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798380878005

An Assessment of Current Anti-Money Laundering Strategies Among Financial Institutions in the United States.
Siddiqui, Raheel A.

An Assessment of Current Anti-Money Laundering Strategies Among Financial Institutions in the United States. - 1 online resource (112 pages)

Source: Dissertations Abstracts International, Volume: 85-06, Section: B.

Thesis (Ph.D.)--Northcentral University, 2023.

Includes bibliographical references

The industry of money laundering and terrorist financing is estimated to be between 2% and 5% of global GDP or in dollar value between US$800 Billion and US$2Trillion, which makes this one of the biggest industries in the market. These transactions could be routed through U.S. bank accounts, exposing the financial institutions to financial crime risk, and this is the problem I researched. The problem to be addressed by this study was to determine the effectiveness of current Anti-Money Laundering (AML) compliance strategies in detecting and reporting Money Laundering (ML) schemes. The purpose of this qualitative case study was to review and analyze the usefulness of AML controls in minimizing exposure to money laundering and terrorist financing schemes/transactions routed through U.S. financial institutions. Money laundering schemes have increased since 1995 in the U.S. and have become the center of public attention after the 9/11 attacks (Romaniuk & Keatinge, 2018). The theoretical framework utilized in this study was Barry M. Mitnick and Stephen Ross's theory of agency (1973). Agency theory provided a deeper understanding of factors contributing toward weaker AML/BSA control instituted by the agent banks as their primary goal to provide the best possible outcome to their customers. Qualitative data was gathered by interviewing 14 compliance officers within the financial crime division of major financial institutions located in the United States. Participants had at least five years of experience in drafting and implementing AML/BSA controls. During the interview, participants were requested to provide their views on nine sets of questions. These questions were coded in NVivo for the identification of trends, themes, and commonalities. Findings that emerged after the research analysis include a) lack of guidance on AML/CFT, b) conflicting statutory requirements, c) lack of resources, d) barriers in managing with technological advancements, e) inability to keep up with changing business dynamics, and associated risk, f) gaps in management styles in developing a culture of compliance, and ineffective lines of defense. This study suggested the need for future research to explore ways to consistently implement AML/CFT measures enacted by the regulatory change and clearly understood by all stakeholders, including the financial sector, fintech companies, and advisors. Additionally, this study suggests that emphasis must be given on setting up a compliance culture with clear roles and responsibilities for three lines of defense.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380878005Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

AML controlsIndex Terms--Genre/Form:

554714
Electronic books.

An Assessment of Current Anti-Money Laundering Strategies Among Financial Institutions in the United States.
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