Read e-book online Improving Anti-Money Laundering Compliance: Self-Protecting PDF

Risk Management

By Abdullahi Usman Bello

This publication presents sensible tips on easy methods to increase the effectiveness and potency of AML compliance through introducing the speculation, framework and method for facing the troubles of cash Laundering Reporting officials (MLROs) in the united kingdom banking undefined. for that reason, Bello focusses on supplying a theoretical rationalization of compliance behaviour that is inadequately lined. even if the study is targeted on MLROs in the united kingdom banking undefined, the self-protecting idea chanced on from the study has basic software to different compliance officials inside of and out of doors the united kingdom. it's also appropriate to regulatory environments in different fiscal sectors. the alternative of MLROs and the united kingdom because the concentration of the examine was once simply because those people are arguably crucial stakeholders in AML and the united kingdom is likely one of the biggest monetary centres on the earth that offers chance for cash laundering actions. A methodological and special research, this e-book might be of specific curiosity to practitioners and the regulatory experts, in addition to students of criminology and finance.

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61) it “means that no additional data are being found whereby the sociologist can discover properties of the category. As he sees 1 Introduction 15 similar instances over and over again, the researcher becomes empirically confident that a category is saturated”. The transition between open coding to selective coding can, however, be difficult if not frightening for some researcher (Allan, 2003; Glaser, 1998). ” (Glaser 1978 p. 61). Thankfully, there are some criteria to apply for assessing whether a core category has emerged, details of which can found in Glaser (1978).

1 Introduction 17 Theoretical Sorting Theoretical sorting occurs towards the end of the process when categories are almost saturated, and when a memo bank is matured (Glaser 1998). It is based on memos stored in the memo bank from where they are taken and sorted to form a theory. It is still important to continue saturating categories and gathering data as needed, but they are necessarily not as important as in previous stages because during this stage “the researcher is exhausted and saturated, physical, temporally and financially.

In other instances, an MLRO will only become aware of the activity as suspicious after the activity must have been completed. In this instance, he is required to report the activity as soon as he becomes aware of it. In the first two instances, when an MLRO becomes aware of the transaction as suspicious, he is not allowed to give consent for the transaction to be completed without the express consent of a competent authority, in this case the UK Financial Intelligence Unit, which is now part of the NCA (National Crime Agency 2013c).

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