“Rule‐based but risk‐oriented” approach for combating money laundering in Chinese financial sectors

Lishan Ai

Journal of Money Laundering Control, 2012, vol. 15, issue 2, 198-209

Abstract: Purpose - This paper attempts to examine the practical condition of implementing risk‐based approach (RBA) in Chinese financial sectors. Design/methodology/approach - This paper compares the differences between rule‐based approach and risk‐based approach (RBA), and provides different options to financial institutions considering their own circumstances. Findings - This paper finds that capacity constraint is an issue for directly transplanting the RBA performed by developed countries to Chinese financial institutions. Originality/value - This paper creatively proposes a rule‐based but risk‐oriented AML approach or partial RBA that fits Chinese financial institutions' reality underpinned by Chinese culture, and correspondingly, different assessment methods are presented as well.

Keywords: Risk‐based approach; Money laundering; Risk management; Financial services; China (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201211218225

DOI: 10.1108/13685201211218225

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