RISK MONITORING OF BANKS' PARTICIPATION IN THE PROCESS OF MONEY LAUNDERING

Vasile Sarco ()
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Vasile Sarco: Moldova State University

Economy and Sociology, 2016, issue 4, 93-99

Abstract: Actuality of this article is argued with the fact that together with the dynamic development of the economic situation and creation of new financial products, a series of illicit activities of money legalization and laundering have been triggered. The assessment of money laundering process has become a problem of the international community, which currently imposes stringent development of prevention and compensation methods of its negative manifestations. Thus, we aim to analyze this negative phenomenon and determine the measures of suppression and minimization of processes of legalization of income from illegal activities. The following research methods have been used during the process of writing this article: logical method of systemic analysis and synthesis, comparative method, classification method, method of deduction, etc. Referring to the results and conclusions, we can emphasize that the banking sector’s activity on combating money laundering is constantly jeopardized by certain vulnerable situations, thus being required a constant monitoring for decision making of minimizing and suppression of risks timely. The external environment of the banking sector was always favorable for forming new risks involving banks in illegal money laundering schemes. In this context, the identification of these risks is possible through implementation of new technologies in the banking system, tools and techniques for financial and banking monitoring, along with the application of good management of staff in the banking practice

Keywords: globalization; financial-banking sector; bank; risk; monitoring; money laundering. (search for similar items in EconPapers)
JEL-codes: D81 E42 F6 G32 (search for similar items in EconPapers)
Date: 2016
Note: CZU: 336.71.078.3+336.225.68
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