Anti money laundering (#x201C;AML#x201D;) management and the importance of employees#039; work attitude

摘要

Recent high-profile incidents with record high penalties on international banking groups for noncompliance of the AML regulations send a strong message to the CEOs of financial institutions: it is high time to review and refine their AML program thoroughly in all of their operations in different jurisdictions to ensure compliance before it is too late. This paper discusses about the major components of an AML program and provides insights on the practical aspects of managing an effective AML program with reference to banks and casinos. The author also argues that the work attitude of the employees towards AML is one of the most vital elements for such program to be successful. This has significant implications to financial institutions, particularly the multinational institutions with operations in different countries where values and attitudes of the employees are varied. Future research opportunities are discussed