Staff View: Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia

Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia

Purpose - This paper analyses the anti-money laundering (AML) obligations imposed on bankers as the main reporting entities under the AML regime in Malaysia. Apart from discussing the relevant provisions, several court cases were also examined to identify the problems which arise in the implementati...

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Main Authors:	A. Rahman, Aspalella, Abdul Wahab, Harlida
Format:	Article
Language:	English
Published:	Emerald Group Publishing Limited 2022
Subjects:	K Law (General)
Online Access:	https://repo.uum.edu.my/id/eprint/31145/1/JMLC%2025%2003%202022%20556-566.pdf http://dx.doi.org/10.1108/JMLC-06-2021-0062 https://repo.uum.edu.my/id/eprint/31145/ https://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2021-0062/full/html?skipTracking=true http://dx.doi.org/10.1108/JMLC-06-2021-0062
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record_format	eprints
spelling	my.uum.repo.311452024-07-29T08:47:44Z https://repo.uum.edu.my/id/eprint/31145/ Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia A. Rahman, Aspalella Abdul Wahab, Harlida K Law (General) Purpose - This paper analyses the anti-money laundering (AML) obligations imposed on bankers as the main reporting entities under the AML regime in Malaysia. Apart from discussing the relevant provisions, several court cases were also examined to identify the problems which arise in the implementation of the law as well as the risk of dismissal that bankers may face. Design/methodology/approach - This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also utilises an analytical descriptive approach to analyse relevant provisions from statutes and to examine current court cases regarding the implementation of the AML obligations on bankers. Findings – It is submitted that the AML legislation imposes a significant burden of reporting requirements on the bankers, failure of which may justify the dismissal or termination of their services. In other words, the law has not only altered the way bankers deal with their customers, but poses substantial legal risks to their security of tenure. Indeed, getting the right balance between the need to combat money laundering and the interests of bankers is a difficult exercise. Originality/value - This paper provides an analysis of the liability of bankers under Malaysian AML laws. It is hoped that the content of this paper can provide some insight into this particular area for bankers, enforcement authorities, practitioners, academics, policy makers and legal advisers, not only in Malaysia, but also elsewhere. The findings of this paper also highlight the risks that bankers may face for non-compliance with the reporting obligations under the AML laws Emerald Group Publishing Limited 2022 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/31145/1/JMLC%2025%2003%202022%20556-566.pdf A. Rahman, Aspalella and Abdul Wahab, Harlida (2022) Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia. Journal of Money Laundering Control, 25 (3). pp. 556-566. ISSN 1368-5201 https://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2021-0062/full/html?skipTracking=true http://dx.doi.org/10.1108/JMLC-06-2021-0062 http://dx.doi.org/10.1108/JMLC-06-2021-0062
institution	Universiti Utara Malaysia
building	UUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Utara Malaysia
content_source	UUM Institutional Repository
url_provider	http://repo.uum.edu.my/
language	English
topic	K Law (General)
spellingShingle	K Law (General) A. Rahman, Aspalella Abdul Wahab, Harlida Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
description	Purpose - This paper analyses the anti-money laundering (AML) obligations imposed on bankers as the main reporting entities under the AML regime in Malaysia. Apart from discussing the relevant provisions, several court cases were also examined to identify the problems which arise in the implementation of the law as well as the risk of dismissal that bankers may face. Design/methodology/approach - This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also utilises an analytical descriptive approach to analyse relevant provisions from statutes and to examine current court cases regarding the implementation of the AML obligations on bankers. Findings – It is submitted that the AML legislation imposes a significant burden of reporting requirements on the bankers, failure of which may justify the dismissal or termination of their services. In other words, the law has not only altered the way bankers deal with their customers, but poses substantial legal risks to their security of tenure. Indeed, getting the right balance between the need to combat money laundering and the interests of bankers is a difficult exercise. Originality/value - This paper provides an analysis of the liability of bankers under Malaysian AML laws. It is hoped that the content of this paper can provide some insight into this particular area for bankers, enforcement authorities, practitioners, academics, policy makers and legal advisers, not only in Malaysia, but also elsewhere. The findings of this paper also highlight the risks that bankers may face for non-compliance with the reporting obligations under the AML laws
format	Article
author	A. Rahman, Aspalella Abdul Wahab, Harlida
author_facet	A. Rahman, Aspalella Abdul Wahab, Harlida
author_sort	A. Rahman, Aspalella
title	Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
title_short	Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
title_full	Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
title_fullStr	Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
title_full_unstemmed	Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia
title_sort	anti-money laundering obligations and dismissal of bankers: evidence from malaysia
publisher	Emerald Group Publishing Limited
publishDate	2022
url	https://repo.uum.edu.my/id/eprint/31145/1/JMLC%2025%2003%202022%20556-566.pdf http://dx.doi.org/10.1108/JMLC-06-2021-0062 https://repo.uum.edu.my/id/eprint/31145/ https://www.emerald.com/insight/content/doi/10.1108/JMLC-06-2021-0062/full/html?skipTracking=true http://dx.doi.org/10.1108/JMLC-06-2021-0062
_version_	1805893243267710976
score	13.211869

Anti-Money Laundering Obligations and Dismissal of Bankers: Evidence from Malaysia

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