Abstract:
Purpose – The purpose of this paper is to explain the rule-based and risk-based anti-money-laundering (AML) approach, to demonstrate the implementation problems in carrying out a risk-based approach (RBA) to AML and finally propose in what way the RBA should be conducted in China.
Design/methodology/approach – This paper analyzes the practice of money-laundering risk management in Chinese AML programs, compares the rule-based AML approach and the risk-based AML approach, and discusses the practical condition of carrying out the risk-based AML approach in China.
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