Online from: 1997
Subject Area: Accounting and Finance
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|Title:||“Rule-based but risk-oriented” approach for combating money laundering in Chinese financial sectors|
|Author(s):||Lishan Ai, (Centre for Transnational Crime Prevention, University of Wollongong, Wollongong, Australia)|
|Citation:||Lishan Ai, (2012) "“Rule-based but risk-oriented” approach for combating money laundering in Chinese financial sectors", Journal of Money Laundering Control, Vol. 15 Iss: 2, pp.198 - 209|
|Keywords:||China, Financial services, Money laundering, Risk management, Risk-based approach|
|DOI:||10.1108/13685201211218225 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – This paper attempts to examine the practical condition of implementing risk-based approach (RBA) in Chinese financial sectors.
Design/methodology/approach – This paper compares the differences between rule-based approach and risk-based approach (RBA), and provides different options to financial institutions considering their own circumstances.
Findings – This paper finds that capacity constraint is an issue for directly transplanting the RBA performed by developed countries to Chinese financial institutions.
Originality/value – This paper creatively proposes a rule-based but risk-oriented AML approach or partial RBA that fits Chinese financial institutions' reality underpinned by Chinese culture, and correspondingly, different assessment methods are presented as well.
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