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Key Factors Influencing Effectiveness of Anti-Money Laundering Practices in Malaysian Commercial Banks: A Concept Paper

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Listed:
  • Yusri Hazrol Yusoff
  • Nurul Hidayah Mohd Azli
  • Nur Ghastina Elyia Abdullah
  • Sharifah Nazatul Faiza Syed Mustapha Naz

Abstract

Money laundering seriously threatens the integrity and stability of the global financial system. Even with the existing laws and guidelines in place, criminals have become increasingly adept at circumventing the regulations and perpetuating sophisticated financial crimes. With the increasing prevalence of economic crimes and suspicious transactions within the banking sector, it is paramount to comprehend the factors influencing the effectiveness of anti-money laundering (AML) practices within the context of Malaysian commercial banks. The banks are expected to face more significant challenges in dealing with customers regarding money laundering. Effective AML practices empower banks to proactively detect, prevent and mitigate money laundering risk by implementing comprehensive customer risk assessments, strengthened reporting mechanisms, advanced technological integration, and an effective employee competency program. By focusing on Malaysian commercial banks, this study intends to fill the knowledge gaps by offering insights relevant to the Malaysian banking landscape.

Suggested Citation

  • Yusri Hazrol Yusoff & Nurul Hidayah Mohd Azli & Nur Ghastina Elyia Abdullah & Sharifah Nazatul Faiza Syed Mustapha Naz, 2024. "Key Factors Influencing Effectiveness of Anti-Money Laundering Practices in Malaysian Commercial Banks: A Concept Paper," Accounting and Finance Research, Sciedu Press, vol. 13(2), pages 1-1, May.
    • Handle: RePEc:jfr:afr111:v:13:y:2024:i:2:p:1
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    References listed on IDEAS

    as
    1. Aspalella A. Rahman, 2013. "The impact of reporting suspicious transactions regime on banks: Malaysian experience," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 16(2), pages 159-170, May.
    2. Ronald F. Pol, 2020. "Response to money laundering scandal: evidence-informed or perception-driven?," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 23(1), pages 103-121, January.
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      JEL classification:

      • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
      • Z0 - Other Special Topics - - General

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