IMPLEMENTATION OF ANTI-MONEY LAUNDERING PRACTICES IN NEPALESE BANKS: AN EMPLOYEE AND CUSTOMER PERSPECTIVE
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Abstract
The corrupted money must be recycled in order to create white money. Because it is vital to enlist the help of bank consumers in order to combat these illicit actions. Despite this topic covers wider scope very few studies are undertaken in Nepalese context. Thus, this study makes available of better understanding of Nepalese Banks’ customersawareness on Anti-Money laundering (AML) practices while measuring the factors
affecting effective implementation of AML practices.
Description
The most typical channels for laundering illicit money globally are organizations providing financial services such as banking firms, financing companies insurance and capital markets (Ejanthkar and Mohanty 2011). The act of transforming funds obtained through illicit activity or illicit sources into legal payment tool is known as money laundering. Terrorism financing, or TF, occurs when these assets or funds are utilized
to fund terrorist operations. As a result, a thorough comprehension of ML is required in order to fully comprehend TF (Mukhtar, 2018). The organization monitoring money laundering and terrorism financing worldwide is called the Financial Action Task Force (FATF). The FATF Recommendations, often known as the FATF Standards, are a set of global guidelines for combating organized crime, corruption, and terrorism. They
assist law enforcement in tracing the money used to finance terrorism, human trafficking, and other crimes as well as the sale of illegal drugs.