Work

Strengthening Customer Due Diligence on a Strategic Approach to Preventing Money Laundering: A Concept Paper

Year: 2025

Type: article

Abstract: This study escalates the threat of money laundering and presents significant challenges for financial integrity and national security worldwide.This conceptual paper explores the critical role of Customer Due Diligence (CDD) as a strategic approach to enhancing compliance with anti-money laundering (AML) regulations.Despite the establishment of comprehensive AML frameworks, compliance levels remain alarmingly low, primarily due to factors such as inadequate awareness, insufficient training, and the complex nature of money laundering schemes.To enhance and improve CDD frameworks, the strategies proposed in this concept paper are risk-based approach, financial transaction reporting and role of technology in preventing money laundering.

Source: International Journal of Academic Research in Business and Social Sciences

DOI: 10.6007/ijarbss/v15-i5/25488

Authors: Yusri Hazrol Yusoff, Mohd Fauzi Jahaya, Mohamad Saiful Nizam Khan Abdul Sattar, Muhammad Zulhakim Zulkiffly, Muhamad Ridzuan Hashim

Institutions: Universiti Teknologi MARA System, Universiti Teknologi MARA, Government of Malaysia, Ministry of Finance

Language: English

Topic: Crime, Illicit Activities, and Governance

Subfield: Sociology and Political Science

Field: Social Sciences

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: diamond

Funder: Universiti Teknologi MARA