Strategies for Banks Anti-money Laundering/Counter-Terrorism Finance Compliance Programs to Protect Financial Systems

摘要

Ineffective implementation of anti-money laundering (AML) compliance programs exposes the vulnerability of banks' and increases the threats of money laundering and terrorist financing. The banking community must address the threat of money laundering and terrorism finance to protect the global financial system from abuse. Grounded in the fraud management lifecycle theory, the purpose of this qualitative multiple case study was to explore strategies to reduce threats of money laundering and terrorist financing. Data were collected from semistructured interviews, a review of bank policy documents, and previous Bank Secrecy Act (BSA) cases. The participants comprised six BSA/AML compliance officers at banks in the United States and Canada with experience implementing successful AML compliance programs. Thematic data analysis revealed three themes: effective internal and external communications, enhanced human/technological collaboration, and consistent internal compliance training. A key recommendation is to incorporate external communications with law enforcement. Potential, positive social changes include better educated bank compliance personnel, improved transactional monitoring, and enhanced employee training to reduce illicit and fraudulent financial activity which could result in weakened cartel operations, increased tax revenues, and more prosperous and safer communities.