THE RISKED BASED APPROACH TO COMBATING MONEY LAUNDERING IN NEW BANKING SERVICES

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YOUSEFI HEDI; PEYKAR JAMILEH

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Paper Information

Journal: TREND (TREND OF ECONOMIC RESEARCH) Year:2015 | Volume:22 | Issue:70 Page(s): 131-158

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Title

THE RISKED BASED APPROACH TO COMBATING MONEY LAUNDERING IN NEW BANKING SERVICES

Author(s)

YOUSEFI HEDI | PEYKAR JAMILEH | Issue Writer Certificate

Keywords

NEW E-BANKING SERVICESQ2

RISK BASED APPROACH IN ANTI-MONEY LAUNDERING AND TERRORISM FINANCINGQ2

RISK INDICATORSQ2

Abstract

The "Money Laundering" is a broad concept with wide ranging application, which is nowadays prevailing in the economic system of different countries and hence banks as most common financial institutions are de facto prey to illegal asset derived transactions of organized criminal activities.Concurrent with the growth of financial services, the financial crimes are growing with increased complexity. In contrast, the development of supervisory and regulatory set-ups of banking systems in most of the countries are relatively slow. In these circumstances, the meticulous scrutinizing of financial institutions, and their financial services, the ongoing structure of supervision and regulations and provision of intelligent solutions to deal with the concerned financial crimes and terrorism are all considered to be the prime necessity pro rata.However, in the context of Iran, due to fierce market competition among the Iranian banks for rendering the financial services to people and also irrespective of expansion of e-banking system in Iran, we have observed that the rate and extent of risk for money laundering in these institutions are growing gradually. Nonetheless in certain cases, we can be witness of peril of illegal forgery and underground activities of some financial institutions which are susceptible to become potentially a safe platform for money laundering per se.Thus, in this paper, an attempt is made to present a framework for adoption of Risk Based Approach in rendering the e-banking services in Iran, for implementation of Anti-Money Laundering and Terrorist Financing Act which is in consonance with the FATF guideline. For this purpose, we have tried prima facie to identify the high and low RISK INDICATORS of money laundering in the Iranian economy and subsequently we have specified the possibility of strengthening the regulatory and supervisory power of the banking system in Iran for formulation of coherent Anti-Money Laundering Policy Ipso facto.

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APA: Copy

YOUSEFI, HEDI, & PEYKAR, JAMILEH. (2015). THE RISKED BASED APPROACH TO COMBATING MONEY LAUNDERING IN NEW BANKING SERVICES. TREND (TREND OF ECONOMIC RESEARCH), 22(70), 131-158. SID. https://sid.ir/paper/202185/en

Vancouver: Copy

YOUSEFI HEDI, PEYKAR JAMILEH. THE RISKED BASED APPROACH TO COMBATING MONEY LAUNDERING IN NEW BANKING SERVICES. TREND (TREND OF ECONOMIC RESEARCH)[Internet]. 2015;22(70):131-158. Available from: https://sid.ir/paper/202185/en

IEEE: Copy

HEDI YOUSEFI, and JAMILEH PEYKAR, “THE RISKED BASED APPROACH TO COMBATING MONEY LAUNDERING IN NEW BANKING SERVICES,” TREND (TREND OF ECONOMIC RESEARCH), vol. 22, no. 70, pp. 131–158, 2015, [Online]. Available: https://sid.ir/paper/202185/en

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