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A framework for preventing money laundering in banks

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Purpose ‐ The purpose of this paper is to form a new framework for preventing money laundering by mapping COBIT (Control for Information and Related Technology) processes to COSO (Committee of Sponsoring Organisation) components. Design/methodology/approach ‐ First, a new framework for preventing money laundering in banks is formed by mapping COBIT to COSO. Further, the potential of the mapped framework to comply with the Bank Secrecy Act requirements is analysed. Findings ‐ The mapped framework effectively supports all the activities of financial sectors through defining efficient information technology-based processes and control methods. Information systems play a key role for financial sectors in producing financial statements, managing customer databases, detecting frauds, etc. Research limitations/implications ‐ Case studies of banks of different sizes, and in different countries are needed. It is necessary to improve the mapped framework by considering Basel III regulations. Practical implications ‐ COBIT-mapped-COSO framework is useful for banks to fight money laundering. While adopting the new framework, an organisation should apply the best practices that suit its operations rather than all the control objectives. Social implications ‐ The new framework can help banks fight money laundering. Originality/value ‐ For preventing money laundering through banks, a number of policies and intelligence systems are in place. However, there is no efficient framework that could guide banks to follow these policies and use information technologies. This paper proposes a new framework to target these gaps.
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Keywords: Banks; COBIT; COSO; Information technology; Money laundering

Document Type: Research Article

Publication date: July 13, 2012

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