Show Summary Details
Banking Law and Regulation

Banking Law and Regulation (1st edn)

Iris H-Y Chiu and Joanna Wilson
Page of

Printed from Oxford Law Trove. Under the terms of the licence agreement, an individual user may print out a single article for personal use (for details see Privacy Policy and Legal Notice).

date: 09 August 2022

p. 67914. Combatting financial crimelocked

p. 67914. Combatting financial crimelocked

  • Iris ChiuIris ChiuProfessor of Company Law and Financial Regulation, University College London
  •  and Joanna WilsonJoanna WilsonLecturer in Commercial Law, University of Sussex

Abstract

This concluding chapter studies the regulation compelling banks and financial institutions to play an active part in combatting financial crime. Regulation takes two approaches: one is to enforce anti-money laundering law through banks and financial situations; and the other approach is to enforce anti-money laundering law against them if they should be found to be complicit in transferring proceeds of crime. Under the first approach, regulation imposes duties on banks and financial institutions to act as gatekeepers to prevent money laundering from taking place and to identify such incidents so as to help regulators carry out enforcement. Under the second approach, banks and financial institutions may be punished for sometimes inadvertently becoming complicit in money laundering, and this provides a strong incentive for them to treat their gatekeeper roles seriously. The chapter then considers the regulatory duty of due diligence, financial intelligence reporting, and internal control and governance.

You do not currently have access to this chapter

Sign in

Please sign in to access the full content.

Subscribe

Access to the full content requires a subscription