Publication details
Intensification of the anti-money laundering (AML) regulation and its negative impacts on payments industry
| Authors | |
|---|---|
| Year of publication | 2021 |
| Type | Article in Proceedings |
| Conference | Banking Law in the 21st Century |
| MU Faculty or unit | |
| Citation | |
| Web | Open access sborníku |
| Keywords | Money-laundering; compliance; AML/CFT; FATF; 5th AML Directive |
| Description | New regulatory approaches in relation to money laundering have come with sig- nificant changes to the payment environment and affected entities within the industry markedly. Albeit this approach found justification and was enriched by terrorism financ- ing regulations since 2001, such extraordinary pressure placed on banks has now re- sulted in a highly conservative stance taken by credit institutions towards their existing or new clients, namely due to their stringent risk-based approach. The objective of this article is to point toward the options of banks working together with clients rated as high- risk, instead of discriminating against them. Methods applied in this article will consist of analysis and synthesis or comparison of information obtained with subsequent deduc- tion. The result of this study is the demonstration of options that may be applied instead of purely sanction-like approach. Thus, a more motivating system for businesses or cer- tain industries may be formed, supporting the development thereof. |