“The effectiveness of local banks in implementing anti-money laundering regulations, analysing the challenges and benefits faced”

Abstract

The scope of this dissertation is to provide an analysis of some of the problems faced by local banks with anti-money laundering requirements, presenting some solutions provided by the law, and identifying the gap between regulation and reality. It also looks at the benefits that banks and society as a whole get when banks abide by these regulations. Size plays an important role for some local banks in the effectiveness of implementing AMLR and the benefits that can be achieved from it, and we consider if the different banks in Malta have a different perspective about the effectiveness of such regulations. From replies obtained in our fieldwork it was established that in some cases, the size of the bank actually affects the level of effectiveness in implementing AML legislation.