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A risk‐based approach to AML

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  • Jos de Wit

Abstract

Purpose - The purpose of this paper is to present a risk‐based approach to anti‐money laundering (AML) systems. Design/methodology/approach - The paper covers the areas of: customer due diligence, customer acceptance, risk management and implementation. Findings - Regulators and financial institutions need to co‐operate so that AML standards can be set within a risk‐based approach, thus enabling a country to protect itself in the best possible and affordable way. Originality/value - The paper outlines the controversy present between financial institutions and regulators in the approach to AML.

Suggested Citation

  • Jos de Wit, 2007. "A risk‐based approach to AML," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 15(2), pages 156-165, May.
    • Handle: RePEc:eme:jfrcpp:v:15:y:2007:i:2:p:156-165
    DOI: 10.1108/13581980710744048
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    Cited by:

    1. Ms. Concha Verdugo Yepes, 2011. "Compliance with the AM+L4776L/CFT International Standard: Lessons from a Cross-Country Analysis," IMF Working Papers 2011/177, International Monetary Fund.

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