Balancing anti-money laundering measures and financial inclusion
| Autor: | Ehi Eric Esoimeme |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Financial inclusion
0209 industrial biotechnology Public Administration business.industry media_common.quotation_subject Accounting 02 engineering and technology Public domain Money laundering Payment Business relationship management 020901 industrial engineering & automation Balance (accounting) Central bank Terrorism 0202 electrical engineering electronic engineering information engineering 020201 artificial intelligence & image processing Business Law General Economics Econometrics and Finance media_common |
| Zdroj: | Journal of Money Laundering Control. 23:64-76 |
| ISSN: | 1368-5201 |
| DOI: | 10.1108/jmlc-04-2018-0031 |
| Popis: | Purpose The purpose of this paper is to critically examine the anti-money laundering measures of the UK and Nigeria, to determine what the best approach is. The best approach is likely the one that strikes a fair balance between protecting the financial system against money laundering and promoting financial inclusion. Design/methodology/approach This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research. Findings This paper critically analysed the anti-money laundering measures of the UK and Nigeria to determine that the anti-money laundering measures of Nigeria does not strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it does not expressly provide for verification of a customer’s identity at the account opening stage for low risk accounts. The paper, however, determined that the anti-money laundering measures of the UK does strike a fair balance between protecting the financial system against money laundering and promoting financial inclusion because it requires customer identification and verification before the establishment of a business relationship for customers who want to open a basic bank account. Research limitations/implications This paper focuses on the anti-money laundering and financial inclusion measures in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. Originality/value This paper offers a critical analysis of the anti-money laundering and financial inclusion measures of the UK and Nigeria as provided in the UK’s Payment Accounts Regulations 2015 and the Central Bank of Nigeria’s (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. The paper will provide recommendations on how the measures could be strengthened. This is the only article to adopt this kind of approach. |
| Databáze: | OpenAIRE |
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