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Regulatory Technology (RegTech) and Money Laundering Prevention: Exploratory Study from Bahrain

  • Meaad Turki
  • Allam HamdanEmail author
  • Jasim Al Ajmi
  • Anjum Razzaque
Conference paper
  • 60 Downloads
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 1141)

Abstract

体育赛事投注记录this study aims to illustrate the impact of adopting regtech innovations in banks on their money laundering prevention programs. the banking industry changed massively after the financial crisis of 2008. new regulations and enforcements are being imposed on banks causing the compliance cost to increase dramatically. regtech has been invented by technology firms acting as a potential solution to banks. the study will demonstrate the ability of regtech to reduce the compliance cost, strengthen money laundering prevention and reduce the reputational risk in banking sectors. this study target sample was banks’ employees in bahrain because of their proper knowledge about anti-money laundering. data were collected from 100 respondents from the banking sector of bahrain. descriptive analysis was used to analyze the data while regression model and spearman’s correlation were used to test the hypothesis. the results of this analysis indicate that regtech has positive impact on strengthening and enhancing money laundering prevention in banks. the findings of the study will help banks understand the effectiveness of regtech solutions, raise bankers’ awareness about the new technologies and provide insight for regulators about regtech capabilities in preventing money laundering.

Keywords

Regulatory technology (RegTech) Anti-money laundering Bahrain 

References

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    Basel Committee on Banking Supervision.: Implications of fintech developments for banks and banks supervisors. (2018).
  2. 2.
    CAMS: Study Guide for the CAMS Certification Examination (5th Ed.). Association of Certified Anti-Money Laundering Specialists (2012)
  3. 3.
    Fenergo: Global financial institutions fined $26 billion for AML, sanctions and KYC Non-compliance. (2018).
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    Geister, D.: Concepts in customer Due diligence: meeting the challenge of regulatory expectations. (2008).
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    LexisNexis: Future financial crime risks. (2017)
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    Miller, R.S., Rosen, L.W.: Anti-money laundering: an overview for Congress Congressional Research Service. (2017).
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    Protiviti: Views on AML transaction monitoring systems. (2013)
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    Reuters, T.: US anti-money laundering insights report. (2017). Retrieved from

Copyright information

© Springer Nature Singapore Pte Ltd. 2021

Authors and Affiliations

  • Meaad Turki
    • 2
  • Allam Hamdan
    • 1
    Email author
  • Jasim Al Ajmi
    • 1
  • Anjum Razzaque
    • 1
  1. 1.Ahlia UniversityManamaBahrain
  2. 2.Conventional Wholesale Bank, Compliance AssistantDMLRO, Inspection OfficerManamaBahrain

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