Effectiveness of US anti-money laundering regulations and HSBC case study
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Notice bibliographique
Résumé
Purpose – This paper aims to provide a macro analysis of the USA’s anti-money laundering (AML) legislation. In examining the context and consequences of these regulations, a general determination can be made on the effectiveness of the current US AML legislation. The major AML regulations in the USA are covered under the Bank Secrecy Act, USA Patriot Act and the Office of Foreign Assets Control. It is difficult to determine what constitutes as implementation and maintenance of effective AML Compliance Programs because US federal AML requirements remain largely dynamic. This paper will provide some context to why certain major AML regulations were established as well as the reasoning behind their implementation. This paper will then attempt to determine the effectiveness of current AML regulations, particularly on the banking sector, by looking at several cases of alleged failure to maintain effective AML Compliance Programs. An examination will be conducted on HSBC’s $1.9 billion settlement in 2012 to the US government, as HSBC failed to establish a reasonable AML program according to the US Department of Justice press releases. Design/methodology/approach – A brief description of major US AML regulations pertaining to the 2012 HSBC case is first made. Also, a look into the frequency of suspicious activity report (SAR) filings as well as initiated money laundering investigations is made. The paper critically analyzes the Financial Action Task Force (FATF)’s evaluation of US AML regulations. Findings – It is evident that the FATF held an accurate evaluation of US AML regulations being both very comprehensive and severely enforced. The main criticism is with the implementation of these regulations driving adverse economic and social effects. Financial institutions fear being charged with not having a proper AML program; this causes banks to be more inclined to inflate SARs as well as engage in financial exclusion. It is difficult to prevent these adverse effects, as they directly result from having strict and comprehensive AML legislation, which is necessary to prevent and detect money being laundered. Practical implications – A determination as to whether US AML regulations need strengthening or is too strict in that it causes adverse effects. Originality/value – A macro analysis of America’s AML legislation is severely needed. Many papers on the issue lack a thorough description of the large-scale socio-economic effects of the AML programs of American financial institutions.
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Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,003 | 0,001 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,001 | 0,000 |
| Bibliométrie | 0,000 | 0,000 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,000 | 0,001 |
| Science ouverte | 0,000 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,000 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,000 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découle