“Commercial banks role” in combating money laundering: A case study of AFC bank”
- Author
- Nyamombe, Vannessa K.
- Title
- “Commercial banks role” in combating money laundering: A case study of AFC bank”
- Abstract
- Money laundering has become a global problem. Financial crime is becoming more common, and proceeds from illegal activities are increasingly being laundered via the financial system to seem as clean money. This study uses AFC Bank as a case study to investigate the role of commercial banks in combating money laundering. Zimbabwe was categorized as a high-risk country by the Financial Action Task Force, an international organisation responsible for money laundering concerns, which affected the research. AFC bank's Compliance department submitted information through questionnaires and interviews. The data was examined using qualitative content analysis. The outcomes of the survey revealed what commercial banks are doing to prevent money laundering. However, various obstacles develop during the operation. These were mostly the result of a lack of interbank coordination, personnel knowledge gaps, and system failures. The Reserve Bank of Zimbabwe should support continuing anti-money laundering training for all banks and establish a forum for banks to communicate with one another. Commercial banks, according to the findings, play an important role in the battle against money laundering. Finally, the findings indicate that more research into the role of financial institutions in combating money laundering is needed.
- Date
- December 2022
- Publisher
- BUSE
- Keywords
- Financial crime
- Money laundering
- Supervisor
- Mrs Mutero
- Item sets
- Department of Accountancy
Part of “Commercial banks role” in combating money laundering: A case study of AFC bank”