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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.
© Emerald Group Publishing Limited
2007
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