Mitigating money laundering through technological and regulatory strategies

Abstract

The main purpose of this research is to examine the technological and regulatory strategies to mitigate money laundering worldwide. Due to money laundering being a serious financial crime affecting several institutions, economies and countries globally, the researcher intends to gather the technological and regulatory strategies in order to limit and combat money laundering. A mixed research method is used by the researcher to collect both quantitative data through questionnaires and qualitative data through secondary research case studies. Eventually, the data is merged and mutually supported to obtain a suitable interpretation of the overall findings. In this study, there are five different variables which impact the mitigation of money laundering significantly, namely, improve anti-money laundering policy, structured employee training, data analytics, suspicious transaction reporting, and customer due diligence. The quantitative data was collected from registered professional accountants in Mauritius and the qualitative data was collected from five different case studies relating to each of the independent variables mentioned. The relationship between the five independent variables and their influence on the mitigation of money laundering is assessed through the Statistical Package of the Social Sciences (SPSS) software. The findings revealed that all the variables have a significant relationship with the mitigation of money laundering. The conclusion discussed in this study expresses that it is the responsibility of every country to continuously adopt and develop better technological and regulatory strategies in mitigating money laundering.