An evaluation of customer due diligence and related anti-money laundering measures in the United Kingdom
| DOI | https://doi.org/10.1108/JMLC-01-2023-0004 |
| Published date | 07 March 2023 |
| Date | 07 March 2023 |
| Pages | 127-137 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
| Author | Howard Chitimira,Sharon Munedzi |
An evaluation of customer due
diligence and related anti-money
laundering measures in the
United Kingdom
Howard Chitimira and Sharon Munedzi
Faculty of Law, North West University, Potchefstroom, South Africa
Abstract
Purpose –Customer due diligence measures that are em ployed in the United Kingdom (UK) to detect
and combat money laundering are discussed. The UK adopted a progressive regulatory and
enforcement framework to combat money launderingwhich relies, inter alia, on the use of customer due
diligence measures to regulate and curb the occurrence of money laundering activities in its financial
institutions and financial markets. However, other regulatory measures that could have contributed to
the effective combating money laundering in the UK will not be explored in detail since the article is
focused on the reliance and use of customerdue diligence measures to curb money laundering activities.
Accordingly, the strength, flaws and weaknesses of the UK anti-money laundering regulatory and
enforcement framework are examined. Lastly, possible recommendations to address such flaws and
weaknessesare provided.
Design/methodology/approach –The paper discusses customerdue diligence measures that are used
in the UK to detect and combat money laundering.
Findings –It is hoped thatpolicymakers and other relevant persons will use therecommendations provided
in the paper to enhance the curbingof money laundering in the UK.
Research limitations/implications –The paper doesnot provide empirical research.
Practical implications –The study is useful to all policymakers, lawyers, law students and regulatory
bodies in the UK.
Social implications –The study seeks to curb moneylaundering in the UK society globally.
Originality/value –The study is originalresearch on the use of customer due diligence measuresto detect
and combat moneylaundering in the UK.
Keywords Customer due diligence, Anti-money laundering, Measures, Regulation
Paper type Research paper
© Howard Chitimira and Sharon Munedzi. Published by Emerald Publishing Limited. This article is
published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce,
distribute, translate and create derivative works of this article (for both commercial and non-
commercial purposes), subject to full attribution to the original publication and authors. The full
terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
This article was supported in part by the National Research Foundation of South Africa (NRF),
Grant Number: 141933. Consequently, the authors wish to thank the NRF for its support. The article
was influenced in part by S. Munedzi’s Master of Laws (LLM) dissertation, The Reliance on Customer
Due Diligence to Enhance the Combating of Money Laundering under the Financial Intelligence Centre
Amendment Act 1 of 2017 (North-West University) 2018, pp. 62–74.
Evaluation of
customer due
diligence
127
Journalof Money Laundering
Control
Vol.26 No. 7, 2023
pp. 127-137
EmeraldPublishing Limited
1368-5201
DOI 10.1108/JMLC-01-2023-0004
The current issue and full text archive of this journal is available on Emerald Insight at:
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