Reorienting the lens – towards a new research agenda on the lived experiences of money laundering prevention officers

Mario Menz

Journal of Money Laundering Control, 2024, vol. 28, issue 1, 64-79

Abstract: Purpose - This paper aims to propose a new research agenda that integrates the often-overlooked insights and experiences of compliance professionals into anti-money laundering (AML) policy formulation and academic research. It seeks to highlight the importance of a bottom-up approach in developing AML strategies that are not only theoretically robust but also practically effective and grounded in real-world application. Design/methodology/approach - Using a comprehensive literature review and theoretical analysis, this study outlines six broad research focus areas. These areas are explored through the lens of existing theoretical frameworks that underscore the significance of practical insights, interdisciplinary collaboration and adaptive policymaking in enhancing AML efforts. Findings - This paper highlights a significant gap in current AML research and policymaking, namely, the underrepresentation of compliance professionals’ perspectives. It argues that integrating these frontline insights can lead to more nuanced and effective approach to AML. Practical implications - Adopting the proposed research agenda could significantly enhance the practical applicability of AML policies, leading to more effective prevention and detection of financial crimes. It encourages the development of support systems for compliance professionals, fostering a workforce that is both competent and resilient. Social implications - By promoting a more inclusive and practice-based approach to AML policymaking, this paper advocates for a societal shift in how money laundering is tackled. Originality/value - This paper contributes to the AML discourse by proposing a shift towards a more inclusive research and policymaking paradigm that values the contributions of compliance professionals. It extends the existing literature by suggesting a comprehensive framework for bridging these divides, thereby offering a novel perspective on enhancing the effectiveness of AML strategies.

Keywords: Money laundering; Financial services; Lived experiences; Practice-based research; Knowledge exchange (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2024-0062

DOI: 10.1108/JMLC-04-2024-0062

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