The Economic Impact of Deficient Anti-Money Laundering Program to a Multinational Bank

• Main Author: Hayble-Gomes, Emmanuel
• Format: Others
• Language: en
• Published: ScholarWorks 2016
• Subjects: Finance and Financial Management
• Online Access: https://scholarworks.waldenu.edu/dissertations/2825; https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=3928&context=dissertations

Money laundering is a financial crime that threatens the stability of a country's financial sector. The purpose of this qualitative case study was to explore the strategies that compliance officers used to improve the AML program in a multinational bank in the northeastern United States. The target population was purposefully selected using bank compliance officers because they have experience with the strategies to improve the AML program. The normative neo-institutional theory framed the discussion of this study. Data were collected from interviews with 10 AML compliance officers and the achieved data. The Krippendorff method of content analysis was used to analyze the data. Six themes emerged from the findings including strategies to improve AML compliance in a multinational bank and the economic consequences of inadequate AML programs. The findings of the study show that advanced technology, employee trainings and management oversight are essential to improve AML program. The results of these analyses suggested the pervasive economic and social repercussions of money laundering on the multinational bank. The findings of the study may contribute to positive social change by identifying strategies that banking leaders could incorporate in the AML programs to reduce the risk of bank failures, promote the bank's participation in social development projects, and provide employment opportunities to the community members.