... secretaries, including Know Your Customer, customer due diligence, suspicious transactions reporting and record-keeping practices. Findings The study identifies significant gaps in compliance among company secretaries despite the established AML framework and guidelines. These gaps include technical...

... the customer due diligence processes applicable to law firm PCAs under the UK AML regime (England and Wales). Findings This paper finds that the provisions surrounding customer due diligence and law firm PCAs, now that simplified due diligence processes are no longer automatically available to banks...

...Nasir Sultan; Norazida Mohamed; David Chisunga; Akhbar Satar Purpose This study aims to explore the challenges financial institutions face in deploying third parties and financial technologies to perform customer due diligence. Design/methodology/approach This study applied a qualitative...

... at http://creativecommons.org/licences/by/4.0/legalcode The purpose of this study is to examine the South African banks’ customer due diligence (CDD) practices in the fintech era to mitigate money laundering (ML) risks and ensure financial stability. Financial technologies have brought...

...://creativecommons.org/licences/by/4.0/legalcode Customer due diligence measures were introduced into the South African anti-money laundering (AML) regulatory framework by the enactment of the Financial Intelligence Centre Act (FICA) [ 1 ]. Prior to the amendment of the FICA, customer due diligence was merely...

...). For the purpose of this article, it must be noted that the UK’s anti-money laundering measures are explored from 1992 to date. Customer due diligence is at the core of the anti-money laundering measures used internationally (Stokes and Arora, 2004). Accordingly, this article discusses the anti-money...

... practices that were developed and adopted by several countries are analysed in this paper. These include customer due diligence measures established by the BCBS, the financial action task force (FATF) standards, as well as the ongoing monitoring and the risk-sensitive approach that were implemented to curb...

...) and regulators in implementing robust customer due diligence measures. The study adopted a qualitative technique. Twenty-five semi-structured interviews with chief compliance officers and regulators were conducted. The study concluded that the main challenges are name screening, obsolete nature...

... and verification, role and control of the regulator, the influence of politically exposed persons, the opaqueness of laws and international connections of the politically exposed persons. Further, financial Institutes are burdened by regulators to perform robust PEP customer due diligence but do not guide...

... significantly influence money laundering risk judgment (i.e. customer due diligence and money laundering reporting). The results also show significant interaction effects between customer risk and independence pressure in influencing money laundering risk judgment. Practical implications Professional...

... money laundering under each relevant statute are discussed [ 10 ]. The article further discusses the regulation and use of customer due diligence measures to combat money laundering activities in South Africa [ 11 ]. To this end, comprehensive due diligence measures, simplified customer due diligence...

... of customer due diligence, record keeping, wire transfers, correspondent banking, reporting of transactions, new technology and internal controls/compliance/trainings on money-laundering risk. Design/methodology/approach Data is collected with the help of questionnaires developed in light of Financial...

... be used in face-to-face or non-face-to-face environment. This paper outlines the main elements of the customer due diligence (CDD) process and identifies those which may present a barrier to the customers. It then outlines the IVCid model. The model is used to analyze existing CDD approaches...

... of customer due diligence (CDD), enhanced due diligence (EDD), know your customer (KYC) and recordkeeping as effective anti-money laundering (AML) and counter-terrorism financing (CTF) measures. It re-appraises the risk of breach of privacy associated with recordkeeping of clients’ information in countries...

... is the link between the emerging issues associated with allegations of bribery and corruption within FIFA and the illicit financial flow implications across the banking sector. Money laundering Politically exposed persons Customer due diligence FIFA Beneficial ownership Illicit financial flows...

... flows originated from organized and serious crime within the global jurisdictions. Developing economies Customer due diligence Anti-money laundering This research paper will look into the magnitude of the global problem of illicit financial flows in the globalization of crime[ 1 ][ 2...

... and empirical implications of the approach being used. Mohammed Ahmad Naheem can be contacted at: m.a.naheem@mayfaircompliance.com © Emerald Publishing Limited 2018 Emerald Publishing Limited Licensed re-use rights only Beneficial ownership Customer due diligence Trade-based money...

...Mohammed Ahmad Naheem Purpose This paper aims to review some of the current challenges that international money laundering schemes are posing in the Chinese banking sector. Anti-money laundering (AML) systems in China are relatively new, and customer due diligence checks and other AML systems...

... institutions, certain other businesses and professions from involving money laundering. The FATF uses the term “Customer Due Diligence” or “Identification of Customer” instead of “Know Your Customer” to refer to the preventive measures. In 2001, after identifying the deficiencies in a large number of countries...

... the extent to which it is conducive to adopting such frameworks. Particular focus is placed on customer due diligence requirements, and the unique challenges posed by alternative remittance systems. The paper evaluates the impact of globalisation as well as the correlation between developments based...