Excerpt from ‘Literature Review’ part:
In 2003, new procedures had been created and in addition they state that “companies accredited with receiving funds relating to open public subscription in securities must take every necessary measures to ensure the legitimacy of the sources of the money utilized in the repayment of these kinds of securities, in compliance while using provisions put down inside the Prevention and Prohibition pounds Laundering and its particular Implementing Regulations” (Terterov and Reuvid, 2005).
Banking institutions are usually focused on minimizing money laundering and the principal actions they implement in this endeavor are those of fully complying with the regulations imposed by the central banks and the regulations in their home countries. Recently, the banks can get technological innovations to fight funds laundering, just like LexisNexis’s Bridger Insight XGTM (Tech 4 Law). Yet since the usage of technologies is unique at each financial institution, a realization is driven that the inner reactions to money washing are different. The editors in the Asian Banker Research and Temenos argue that the actions of banks in limiting money washing depend on the consumer managerial strategies, on the THAT solutions at hand, on the marriage with the consumer as well as on the internal culture inside the bank.
References:
Minaeva, T., Aksenova, Meters., Anti-money laundering in Russian federation, White Case, http://www.whitecase.ru/articles/moneylaundry.pdf last accessed on July 16, 2010
Terterov, M., Reuvid, J., 2005, Doing business with Estonia, GMB Posting Ltd.
Master, J., 1998, Modeling global money laundering flows – some findings, http://www.johnwalkercrimetrendsanalysis.com.au/ML%20method.htm previous accessed in July 13, 2010
99, Ten years of combating money laundering, OECD Observer, http://www.oecdobserver.org/news/fullstory.php?aid=63 last utilized on This summer 13, 2010
2002, Funds laundering, Firm for Monetary Co-operation and Development, http://stats.oecd.org/glossary/detail.asp?ID=5081 last utilized on Come july 1st 12, 2010
2010, Money laundering, The Electric Rules Library, http://www.lectlaw.com/def2/m038.htm last reached on July 12, 2010
Identifying anti-money laundering issues in Chinese language banks, Hard anodized cookware Banker Investigator and Temenos, http://theasianbanker.com/bankmetrics/whitepaper/Asian%20Banker%20White%20Paper%20-%20China%20Anti-Money%20Laundry%20%28English%29.pdf last accessed about July 18, 2010
LexisNexis launches Bridger Insight XGTM to help banking institutions reduce risk and money laundering, Technical 4 Law, http://www.tech4law.co.za/lexisnexis-launches-bridger-insight-xgtm-to-help-banks-reduce-risk-and-money-laundering-new.html last accessed in July 18, 2010
Significant money laundering countries, U. S. Office of Point out, http://www.state.gov/p/inl/rls/nrcrpt/2007/vol2/html/80883.htm last accessed on July 13, 2010
General Currency Converter, http://www.xe.com/ucc/convert.cgi?Amount=600000From=RUBTo=USDimage.x=0image.y=0image=Submit previous accessed in July 16, 2010
