PML : designing a maturity index for local banks

Abstract

The aim of the Dissertation is to design a Maturity Index with regards to the measures and procedures currently being adopted in Anti-Money Laundering. In order to make the study more significant, the researcher established a hypothesized question together with its a priori answer. The researcher opted for a questionnaire to collect relevant data and prove the a priori expectations. Hence, by viewing that the a priori expectations are close to the results gathered from the Questionnaire shows that the expectations are correct. The Questionnaire included both open and close ended questions. Furthermore, it was directed to MLROs within local banks who ascertain the best possible knowledge in this field. The banks were quite responsive which assisted the researcher in analysing the results and allocating ratings to each bank with regards to their maturity in the Prevention of Money Laundering. Moreover, the researcher opined with his recommendations which could assist banks to further improve their Anti-Money Laundering procedures. As far as the researcher is aware, this type of study was never conducted in Malta. Therefore, this dissertation can be of a great assistance to banks which undertake comparative analysis with other local banks regarding the Prevention of Money Laundering. Additionally, any individual interested in the topic can better understand the Anti-Money Laundering measures and procedures carried out by local banks.