Title: Preventing money laundering during the placement stage: the Jordanian commercial banks case

Authors: Suleiman Jamal Mohammad; Asem Tahtamouni; Abdullah Ahmed Aldaas; Mohammad Ahmad Sumadi

Addresses: Princess Sumaya University for Technology, P.O. Box 1438, Al-Jubaiha, Amman, 11941, Jordan ' American University of Madaba, P.O. Box 2882, Amman, 11821, Jordan ' The Middle East University, P.O. Box 42, Amman, 11610, Jordan ' Princess Sumaya University for Technology, P.O. Box 1438, Al-Jubaiha, Amman, 11941, Jordan

Abstract: The aim of this paper is to understand the bank employees' awareness and satisfaction levels towards various issues related to money laundering in Jordanian commercial banks. The data was collected through distributed questionnaires. Statistical techniques like correlations and regressions along with hypothesis testing were applied for data analysis. The paper found that the employees of Jordanian commercial banks were found to be satisfied with several initiatives and procedures for detecting money laundering in their banks, but the exposure of employees was a concern. The significance of this research is based on the premise that money laundering damages the growth and progress of the monetary system, which is due to the impact of the risk structure of the bank and also, due to negatively affecting the customer's trust. Subsequently, a proper implementation by the banking system creates an additional layer of money laundering prevention.

Keywords: money laundering; anti-money laundering laws; placement stage; commercial banks; Jordan.

DOI: 10.1504/IJPLAP.2022.120663

International Journal of Public Law and Policy, 2022 Vol.8 No.1, pp.37 - 51

Received: 17 Jun 2021
Accepted: 16 Sep 2021
Published online: 31 Jan 2022 *

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