Anti money laundering laws and their impact on Jordanian banking industry

The past few years have witnessed a broad concern in the fight against money laundering. Following the attention on this issue and considering that banks are one of the main channels for money laundering, many countries have adopted legislation and laws to combat the crime. The money laundering law...

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Main Author:	Olaim, Ahmad Mohammad Abdalla Abu
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HG Finance K Law (General)
Online Access:	https://etd.uum.edu.my/6172/1/s94852_01.pdf https://etd.uum.edu.my/6172/2/s94852_02.pdf
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id	my-uum-etd.6172
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	A. Rahman, Aspalella Azmi, Ruzita
topic	HG Finance K Law (General)
spellingShingle	HG Finance K Law (General) Olaim, Ahmad Mohammad Abdalla Abu Anti money laundering laws and their impact on Jordanian banking industry
description	The past few years have witnessed a broad concern in the fight against money laundering. Following the attention on this issue and considering that banks are one of the main channels for money laundering, many countries have adopted legislation and laws to combat the crime. The money laundering law in Jordan is newly enacted, with the passage of the law in 2007. The law requires banks to establish a number of counter-measures such as customer’s identification, record keeping, appointment of compliance officers, and reporting of suspicions transactions. These matters came with tough conditions for Jordan in the last three years since the country is situated in the middle of militarily, politically, and economically unstable countries. The revolutionary wave is known as the Arab Spring surrounding Jordan has increased the crime rates in Jordan as well reduced the international coordination and cooperation to face money laundering operations. Hence, the impact of the law on Jordanian banks is unknown. This study aims to identify the driving factors for choosing banks to be the first target for money laundering in Jordan. It also analyses how the anti-money laundering laws have been affecting the relationship between banks and their customers. Through a socio-legal research method, this study analyses the relevant provisions of Jordanian anti-money laundering laws that have been directly affecting the banks. It also examines, via a questionnaire, the perceptions of the bank officers towards the anti-money laundering obligations. The findings reveal that the legislation has imposed significant burden on the banks. More importantly, the banks have been facing significant challenges to cope with the requirements imposed by the laws. Also, the legislation has altered the way the banks deal with their customers. It has been recommended that the regulatory authorities provide more guidelines to facilitate compliance. It is vital to have a continuous collaborative relationship between the Jordanian legislators and the banking industry to minimize problems faced by banks and thereby to ensure effective implementation of laws.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Olaim, Ahmad Mohammad Abdalla Abu
author_facet	Olaim, Ahmad Mohammad Abdalla Abu
author_sort	Olaim, Ahmad Mohammad Abdalla Abu
title	Anti money laundering laws and their impact on Jordanian banking industry
title_short	Anti money laundering laws and their impact on Jordanian banking industry
title_full	Anti money laundering laws and their impact on Jordanian banking industry
title_fullStr	Anti money laundering laws and their impact on Jordanian banking industry
title_full_unstemmed	Anti money laundering laws and their impact on Jordanian banking industry
title_sort	anti money laundering laws and their impact on jordanian banking industry
granting_institution	Universiti Utara Malaysia
granting_department	Ghazali Shafie Graduate School of Government
publishDate	2016
url	https://etd.uum.edu.my/6172/1/s94852_01.pdf https://etd.uum.edu.my/6172/2/s94852_02.pdf
_version_	1747828031889604608
spelling	my-uum-etd.61722022-04-04T06:29:47Z Anti money laundering laws and their impact on Jordanian banking industry 2016 Olaim, Ahmad Mohammad Abdalla Abu A. Rahman, Aspalella Azmi, Ruzita Ghazali Shafie Graduate School of Government Ghazali Shafie Graduate School of Government HG Finance K Law (General) The past few years have witnessed a broad concern in the fight against money laundering. Following the attention on this issue and considering that banks are one of the main channels for money laundering, many countries have adopted legislation and laws to combat the crime. The money laundering law in Jordan is newly enacted, with the passage of the law in 2007. The law requires banks to establish a number of counter-measures such as customer’s identification, record keeping, appointment of compliance officers, and reporting of suspicions transactions. These matters came with tough conditions for Jordan in the last three years since the country is situated in the middle of militarily, politically, and economically unstable countries. The revolutionary wave is known as the Arab Spring surrounding Jordan has increased the crime rates in Jordan as well reduced the international coordination and cooperation to face money laundering operations. Hence, the impact of the law on Jordanian banks is unknown. This study aims to identify the driving factors for choosing banks to be the first target for money laundering in Jordan. It also analyses how the anti-money laundering laws have been affecting the relationship between banks and their customers. Through a socio-legal research method, this study analyses the relevant provisions of Jordanian anti-money laundering laws that have been directly affecting the banks. It also examines, via a questionnaire, the perceptions of the bank officers towards the anti-money laundering obligations. The findings reveal that the legislation has imposed significant burden on the banks. More importantly, the banks have been facing significant challenges to cope with the requirements imposed by the laws. Also, the legislation has altered the way the banks deal with their customers. It has been recommended that the regulatory authorities provide more guidelines to facilitate compliance. 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