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Research Article Open access CC BY 3.0

Anti-Money Laundering in Italian Banks

Giuliana Birindelli, Paola Ferretti, Maura La Torre

Journal of Economics, Management and Trade · pp. 841–861 · Published 12 Feb 2014

10.9734/BJEMT/2014/7266

Abstract

Aims: This paper focuses on some relevant aspects of a banking anti-money laundering (AML) system (training, information and regulatory development) in order to understand their impact on the enhancement of the customer risk assessment process. Study Design: Research based on questionnaire. Place and Duration of Study: Italy, between September 2012 and September 2013. Methodology: We sent questionnaires to the 75 Italian banking groups listed in the Bank of Italy Register at March 2012. Over 60 per cent of the total participated to the survey. Results: Training, information and regulatory development represent important points in the AML systems of the banks of the sample. They show a strong commitment in the development of the (Know Your Customer process), in order to fight against money laundering; however weaknesses are still present and improvements are needed.  

Anti-money laundering system Italian banks AML officers Customer risk

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