Optional analysis of RCBC $100-M money laundering scandal Report
The banks should review anti-laundering rules and regulations this enables the authorities to be more lenient when handling cases that involve money slipping. The industries should also be advised to stop operations with customers with linkage to the risky countries such as Somalia. This helps in protecting banks from any legal action .The banks hope that they can come to an agreement with authorities, here they make it hard for the authority to identify cases of laundry. The government should launch a review of the anti money laundering regime this will lead to change. Those in authorities should use regulatory approach because it makes most of the members bank carry out operation over the world while considering financial crime .This can be greatly. The industry through working with government will reduce any difficulties for esteemed customers who want to prove their identities.
DECISION on RCBC $100-M money laundering scandal Report
The activity of banks reviewing the anti-laundering rules and regulations is more ethical, those involved in activities of financial crime will be punished according to the laws .These laws also forbids people from transacting business with people who have ever had cases of money laundering in the society. The banks and other institutions that deal with keeping large amount of funds should be kept under tight security and also be under CCTV cameras surveillance .This discourages any program set by terrorists to carry out money laundering in banks. The people with intentions of committing this crime can easily be indentified through use of CCTV cameras .