Rules of Internal Control for a Non-Credit Financial Institution

Kabanova, N.; Myasishcheva, E R

doi:10.26794/1999-849x-2018-11-5-100-107

Cited by 1 publication

(2 citation statements)

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“…For example, Al-kasswna (2019) brought attention to the necessity of internal control measures in Jordanian banks. Kabanova and Myasishcheva (2018) analyzed the state of internal control in Russia to stop the re-use of stolen property in non-credit financial institutions. Salehi and Imeny (2019) control activities, which have a significant impact and benefit, particularly in achieving adequate segregation of duties and improving the timeliness and accuracy of information (Multi-state-consortium on internal control, 2010; Mahdi, F et al, 2023).…”

Section: Discussionmentioning

confidence: 99%

“…Al-kasswna (2019) In order to combat money laundering in Jordanian banks, it was emphasized the importance and role of internal control measures. Kabanova and Myasishcheva (2018) analyzed typologies of money laundering and the state of internal control of organizations in Russia to stop the transfer of criminally obtained money to non-credit financial institutions. Furthermore, Chitimira and Munedzi (2022) suggest further research on the effectiveness of international best practices for customer due diligence and related anti-money laundering measures, while Krsteski (2020) suggests studying the concept, definition, and characteristics of the money laundering phenomenon.…”

Section: Literature Reviewmentioning

confidence: 99%

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The Relevance of Internal Control System on Money Laundering in Jordanian Islamic and Commercial Banks

Malahim,

Alrawashdeh,

Saraireh

et al. 2023

J. Professional Business Review

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Purpose: This study seeks to determine whether internal control systems are important for preventing money laundering in Islamic and commercial banks in Jordan. It seeks to clarify the procedures and means for evaluating the internal control systems, identify the extent of their application, and determine their impact on reducing money laundering in banks. Theoretical framework: Money laundering is a significant criminal activity that has serious economic and social impacts. Despite anti-money laundering legislation and emphasis on internal controls, money laundering remains a pervasive problem in the financial industry. Effective internal controls can help prevent errors, manipulation, and fraud that facilitate money laundering, thereby preventing crime and ensuring market competitiveness. Design/methodology/approach: As part of the study, interviews were conducted using a qualitative methodology. It was essential that those selected for interviews work in a controlling position or department in banks. All facets of the internal control framework are covered in the interview questions. Findings: Internal control has a positive impact on preventing money laundering in banks, and control activities are critical in preventing money laundering operations. The quality of information obtained and distributed by banks, along with channels for distributing information, are factors in improving a bank's ability to combat money laundering. Research, Practical & Social implications: The study has practical and social implications in determining characteristics that affect the efficacy of anti-money laundering actions, which can aid in drastically reducing money laundering. Originality/value: The study adds to what is already known about anti-money laundering initiatives and how well they work to stop money laundering in Islamic and Commercial banks. Its investigation of the effects of information and communication on developing effective internal control systems to prevent money laundering gives it originality and value. Additionally, it creates new opportunities for future study into how well internal control procedures work to lessen money laundering in various contexts and nations.

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Section: Discussionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%