MONEY LAUNDERING DETECTION AND PREVENTION STRATEGIES IN DEPOSIT MONEY BANKS
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- Recommended for : Student Researchers
- NGN 5000
Abstract: MONEY LAUNDERING DETECTION AND PREVENTION STRATEGIES IN DEPOSIT MONEY BANKS
This research explores the effectiveness of money laundering detection and prevention strategies in deposit money banks in Lagos. The study's objectives are to evaluate the effectiveness of various anti-money laundering (AML) strategies, assess their impact on financial integrity, and identify the challenges faced during implementation. A survey design was utilized, gathering data from 250 compliance officers and forensic accountants, derived using Taro Yamane's formula. A case study of a major deposit money bank in Lagos provided comprehensive insights. The reliability coefficient score was 0.90. Findings reveal that effective AML strategies, such as transaction monitoring, customer due diligence, and risk assessment, significantly enhance financial integrity by detecting and preventing money laundering activities. However, challenges such as regulatory compliance costs, data management issues, and evolving money laundering techniques were identified. Recommendations include enhancing AML training programs, adopting advanced AML technologies, and integrating AML strategies with overall risk management practices to improve financial integrity and compliance.
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