Anti-Money Laundering - Improve the anti-money laundering prevention in manufacturing companies

What is the current situation regarding money laundering in manufacturing companies? What are the measures taken against it? How can it be improved?

Gantenbein, Peter, 2019

Art der Arbeit Bachelor Thesis
Auftraggebende Clariant International Ltd.
Betreuende Dozierende Grimberg, Frank
Keywords Compliance, manufacturing companies, Anti-money laundering, development AML trainings plan,
Views: 17
Money laundering is a worldwide phenomenon. Mainly in the finance industry it is a long-known issue and many guidelines and regulations have been implemented over the years by the governments, international organisations and the financial companies themselves. On the other side, the manufacturing industry is until today not having much experience with money laundering. However, due to steadily rising regulations in the financial industry, there is concern that as well the manufacturing company could face issues with money laundering activities.
In a first step a literature review has been composed. It was concerned with the following topics: - Definition of Money Laundering - Connection of money laundering with corruption - Current measures globally in the EU, in the USA and in Switzerland In a second step, seven interviews with exponents of the manufacturing industry and lawyers have been conducted. All of them have great experience in the topic of compliance in companies. The interviewees have mainly been asked about how they perceive the issue of money laundering in their business, what are the measures taken against it and how to situation will evolve. Afterwards the interviews have been compared and analyzed. Based on this, recommendations have been made in order to improve the anti-money laundering measures in manufacturing companies. In a first step a literature review has been composed. It was concerned with the following topics: - Definition of Money Laundering - Connection of money laundering with corruption - Current measures globally in the EU, in the USA and in Switzerland In a second step, seven interviews with exponents of the manufacturing industry and lawyers have been conducted. All of them have great experience in the topic of compliance in companies. The interviewees have mainly been asked about how they perceive the issue of money laundering in their business, what are the measures taken against it and how to situation will evolve. Afterwards the interviews have been compared and analyzed. Based on this, recommendations have been made in order to improve the anti-money laundering measures in manufacturing companies.
The main result was that the manufacturing companies questioned do not see money laundering as a major problem for them. Therefore, they do have no specific anti-money laundering measures or guidelines. However, many measures which they apply in order to fight bribery or corruption can as well be used in the fight against money laundering. Thus, the lack of awareness for the issue of money laundering has been determined as the starting point for improvement. Awareness is a crucial part of a compliance topic, if it is not there, issues may stay undetected until it is too late. In order to improve the awareness the author suggested various training methods for employees and the management, which lead to a better understanding of the issue and therefore raise the awareness and lead to a strong anti-money laundering culture. The trainings can be combined with other compliance trainings as corruption which increases the efficiency of it.
Studiengang: Business Administration International Management (Bachelor)
Vertraulichkeit: vertraulich
Art der Arbeit
Bachelor Thesis
Auftraggebende
Clariant International Ltd. , Pratteln
Autorinnen und Autoren
Gantenbein, Peter
Betreuende Dozierende
Grimberg, Frank
Publikationsjahr
2019
Sprache der Arbeit
Englisch
Vertraulichkeit
vertraulich
Studiengang
Business Administration International Management (Bachelor)
Standort Studiengang
Brugg-Windisch
Keywords
Compliance, manufacturing companies, Anti-money laundering, development AML trainings plan,