Abstract
The purpose of this study is to investigate the perceptions of determinants of anti-money laundering compliance among banking officers in mitigating money laundering. There are three independent variables that are employed in this study to understand and analyze the level of perceived compliance among the banking compliance officers, which are the regulatory comprehensiveness, training, and awareness. The data were collected through the distribution of questionnaires to 56 banks in Malaysia. The findings of this study show that there is a positive relationship between regulatory comprehensiveness, training, and awareness on the perceived level of compliance. This study recommends that efforts should be made by the banking institution to strengthen the anti-money laundering regulation and policy to improve the efficiency of financial institutions in Malaysia. In addition, the compliance officer's competency should be enhanced to ensure better compliance quality.
Highlights
The consequence of money laundering cases has dented the world economy as they affect the operations in the global financial system
This finding is consistent with previous studies conducted by [29],[9], as their findings showed that the level of compliance of compliance officers is influenced by regulatory comprehensiveness
Empirical evidence on the relationship between regulatory comprehensiveness, training and awareness of the perceived level of compliance among compliance officers in the Malaysian banking sector was presented in the previous chapter of this study
Summary
The consequence of money laundering cases has dented the world economy as they affect the operations in the global financial system. There are three stages that are normally involved in money laundering namely, placement, layering, and integration. The physical disposal into the domestic or international financial systems of the cash proceeds is acquired from illegal activities. This can be achieved by placing illicit funds in a financial institution that is either domestic or offshore. It can be achieved by using illicit proceeds to buy luxury items, such as paintings, precious metals and real estate. The layering stage includes the isolation of proceeds by the use of several complex financial transactions from their illicit proceeds. Illegal proceeds are converted into apparently legitimate business earnings by normal business activities during the integration stage
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
