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Improving Anti-Money Laundering ComplianceThe Potential Solution to the Dilemma

Improving Anti-Money Laundering Compliance: The Potential Solution to the Dilemma [The self-protecting theory is essentially a theory of regulation. It explains how MLROs balance the desire of regulators to have an effective regulation and the desire of banks to have an efficient compliance. The chapter presents the Middle-Course Approach, a potential solution to the effectiveness and efficiency trade-off. The approach suggests that for an effective and efficient AML regulation and compliance, MLROs should be treated fairly and given the required independence to perform their function. Unlike the research by Scholz (1984) and Ayres and Braithwaite (1992) which states that looking at the problem of regulation from the perspective of enforcement, the middle-course approach is looking at the problem from the point of the regulated.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Improving Anti-Money Laundering ComplianceThe Potential Solution to the Dilemma

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References (21)

Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-3-319-43263-2
Pages
107 –124
DOI
10.1007/978-3-319-43264-9_5
Publisher site
See Chapter on Publisher Site

Abstract

[The self-protecting theory is essentially a theory of regulation. It explains how MLROs balance the desire of regulators to have an effective regulation and the desire of banks to have an efficient compliance. The chapter presents the Middle-Course Approach, a potential solution to the effectiveness and efficiency trade-off. The approach suggests that for an effective and efficient AML regulation and compliance, MLROs should be treated fairly and given the required independence to perform their function. Unlike the research by Scholz (1984) and Ayres and Braithwaite (1992) which states that looking at the problem of regulation from the perspective of enforcement, the middle-course approach is looking at the problem from the point of the regulated.]

Published: Oct 3, 2016

Keywords: Money Laundering; Financial Service Authority; Voluntary Compliance; Compliance Officer; Public Interest Group

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