International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Money Laundering Prevention Measures among Commercial Banks in Malaysia
Jamaliah Said, Erlane K. Ghani, Normah Omar, Sharifah Norzehan Syed Yusuf

The main objective of this study is to examine a range of issues regarding compliance measures adopted by the Malaysian commercial banks. This study assesses the current state of compliance measures adopted by the Malaysian banks. This study also examines the critical success factors in ensuring successful implementation of money laundering and financial terrorism measures. Based on 39 respondents among compliance officers in commercial banks, this study found that commercial banks in Malaysia take responsibilities in money laundering and terrorist financing compliance measures seriously. However, further analysis revealed that there is a significant difference between level of perceived important and the actual level of anti money laundering prevention measures adopted. Such results indicate that despite perceiving the measures as an important tool to combat, detect, investigate and prosecute suspicious money laundering and terrorist financing, the actual level of implementation by the banks is significantly lower. Among the top factors perceived importance to ensure successful implementation of the money laundering prevention measures are support from top management, expert staff, technology infrastructure availability and existence of political influence.

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