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- aggregation classification "B1".
- aggregation creator person.
- aggregation date "2014".
- aggregation format "application/pdf".
- aggregation hasFormat 5789039.bibtex.
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- aggregation isPartOf urn:isbn:9781138803084.
- aggregation language "eng".
- aggregation publisher "Routledge".
- aggregation rights "I have transferred the copyright for this publication to the publisher".
- aggregation subject "Social Sciences".
- aggregation title "The anti money laundering complex and the compliance industry".
- aggregation abstract "In contrast to other strategies of tackling security phenomena), the battle against money laundering has assigned an important task to private organizations. After all, private actors form the basis of the anti-money laundering (AML) approach since they are responsible for detecting and reporting transactions that may be linked to money laundering. This has resulted in the development of new professional groups, such as compliance officers, or AML officers, working within financial institutions to implement anti money laundering legislation. As a result, we state that the battle against money laundering has resulted in the creation of an anti-money laundering complex, consisting of the activities of private and public actors carrying out regulatory, monitoring, reporting, investigatory and judicial tasks. On the other hand, however, fighting money laundering implies the active involvement of an entrepreneurial market, the compliance industry, providing services and tools in support of the fight against money laundering. This industry stimulates compliance and AML investments by providing monitoring systems, blacklists, training and advice to corporations that are obliged to implement the AML legislation. The compliance industry provides an additional service to AML regulation, in which AML compliance is marketed as a product for sale. Financial institutions, the focus of the empirical research that forms the heart of this book, can be seen as go-betweens; making part of the AML complex on the one hand, buying services from the compliance industry on the other hand. The Belgian compliance officer, an obligatory function in each Belgian bank, functions as the central actor in this book, and as such serves as a case-study of the implementation of European and US guidelines. This professional group has not been subject of study before in Belgium. Inside the walls of financial institutions, an impressive compliance apparatus continuously checks our transactions, deposits and financial movement. This is what we focused on in the empirical phase of this research. The unique empirical data in this research consist of a survey of compliance officers and interviews with both compliance officers and other actors in the AML complex. These interviews have made clear that reporting money laundering cases often poses compliance officers for a dilemma: to report or not to report a case. After all, either way, consequences may be negative: reputational damage for the bank, reproaches from the regulator or the FIU, financial losses because the client relationship ends, and so on. This study gives a first insight in the functioning of this system and shows that the cooperation in the fight against money laundering is inherently linked to problems of public and private partnership, intrusions of privacy and questions of proportionality.".
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