International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
<strong>Money</strong> <strong>Launder<strong>in</strong>g</strong>: How it is done?<br />
• Cut throat Competition<br />
– Ongo<strong>in</strong>g competition among private banks for<br />
clients, due to profitability of <strong>the</strong> bus<strong>in</strong>ess.<br />
– The dual pressures of competition and<br />
expansion are dis<strong>in</strong>centives for private banks to<br />
impose tough anti-money launder<strong>in</strong>g controls<br />
that may discourage new bus<strong>in</strong>ess or cause<br />
exist<strong>in</strong>g clients to move to o<strong>the</strong>r <strong>in</strong>stitutions.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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