Challenges for financial institutes in implementing robust customer due diligence in Pakistan
Purpose: This study aims to investigates the challenges faced by Pakistani financial institutes (FIs) and regulators in implementing robust customer due diligence measures. Design/methodology/approach: The study adopted a qualitative technique. Twenty-five semi-structured interviews with chief compl...
Published in: | Journal of Money Laundering Control |
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Emerald Publishing
2023
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Online Access: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85137989065&doi=10.1108%2fJMLC-06-2022-0095&partnerID=40&md5=9c1547a39069cea5c8020a17b3367bdc |
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2-s2.0-85137989065 Sultan N.; Mohamed N. Challenges for financial institutes in implementing robust customer due diligence in Pakistan 2023 Journal of Money Laundering Control 26 5 10.1108/JMLC-06-2022-0095 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85137989065&doi=10.1108%2fJMLC-06-2022-0095&partnerID=40&md5=9c1547a39069cea5c8020a17b3367bdc Purpose: This study aims to investigates the challenges faced by Pakistani financial institutes (FIs) and regulators in implementing robust customer due diligence measures. Design/methodology/approach: The study adopted a qualitative technique. Twenty-five semi-structured interviews with chief compliance officers and regulators were conducted. Findings: The study concluded that the main challenges are name screening, obsolete nature and quality of databases and undocumented, unregistered and unregulated portions of the economy and society. In addition, identification and verification of high-profile customers and beneficial owners, lack of specialised staff and cost of compliance are the significant challenges faced by FIs in Pakistan. Originality/value: The Pakistani financial sector is less researched on anti-money laundering front, especially concerning customer due diligence. Further, the social, cultural and economic norms of the Indian sub-continent are more or less the same. Therefore, the study findings could be generalised to the region. © 2022, Emerald Publishing Limited. Emerald Publishing 13685201 English Article |
author |
Sultan N.; Mohamed N. |
spellingShingle |
Sultan N.; Mohamed N. Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
author_facet |
Sultan N.; Mohamed N. |
author_sort |
Sultan N.; Mohamed N. |
title |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
title_short |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
title_full |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
title_fullStr |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
title_full_unstemmed |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
title_sort |
Challenges for financial institutes in implementing robust customer due diligence in Pakistan |
publishDate |
2023 |
container_title |
Journal of Money Laundering Control |
container_volume |
26 |
container_issue |
5 |
doi_str_mv |
10.1108/JMLC-06-2022-0095 |
url |
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85137989065&doi=10.1108%2fJMLC-06-2022-0095&partnerID=40&md5=9c1547a39069cea5c8020a17b3367bdc |
description |
Purpose: This study aims to investigates the challenges faced by Pakistani financial institutes (FIs) and regulators in implementing robust customer due diligence measures. Design/methodology/approach: The study adopted a qualitative technique. Twenty-five semi-structured interviews with chief compliance officers and regulators were conducted. Findings: The study concluded that the main challenges are name screening, obsolete nature and quality of databases and undocumented, unregistered and unregulated portions of the economy and society. In addition, identification and verification of high-profile customers and beneficial owners, lack of specialised staff and cost of compliance are the significant challenges faced by FIs in Pakistan. Originality/value: The Pakistani financial sector is less researched on anti-money laundering front, especially concerning customer due diligence. Further, the social, cultural and economic norms of the Indian sub-continent are more or less the same. Therefore, the study findings could be generalised to the region. © 2022, Emerald Publishing Limited. |
publisher |
Emerald Publishing |
issn |
13685201 |
language |
English |
format |
Article |
accesstype |
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record_format |
scopus |
collection |
Scopus |
_version_ |
1809678475826561024 |