Download This PaperAnti-Money Laundering Knowing Your Customer - Plain Business Sense
Insights to a Changing World Journal, No. 3, pp. 48-56, 2008
Republished Leadership & Organizational Management Journal, Vol. 2010, No. 3, pp. 76-84
9 Pages Posted: 26 Feb 2010 Last revised: 27 Feb 2011
Date Written: September 15, 2008
Abstract
In the light of the infamous 911 – the terrorist attack of New York World Trade Center on 9 Sep 2001, financial institutions should not only screen, but also know their customers well. Here, the author examines (in the Singapore context – though applicable elsewhere too) the notion and practice of knowing one’s customers: this makes not only good business sense, but also allows for both best account management and excellent regulatory practices. Such good practices thus allow enhancements of the financial institution’s fight against money-laundering with an added but subtle way of combating terrorism.
Keywords: Knowing Customers, Money laundering, smurfing, placement, layering
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