Applying the Anti-Money Laundering regulations of virtual currency to build an effective internal control process - Case Study: Finland
Vo, Thuy Thu (2020)
Vo, Thuy Thu
2020
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2020060416814
https://urn.fi/URN:NBN:fi:amk-2020060416814
Tiivistelmä
The growing adoption of virtual currency-related business activities has posed increasing challenges to law enforcement. Virtual currency offers a novel solution for both individuals and organisations to engage in money laundering activities and bypass the detection of law enforcement. Therefore, in the European context, the authority continuously introduces stricter regulations to the virtual currency service providers, creating pressure on the companies to meet the necessary legal requirements to avoid the reputational risk and ensure the existence of the business.
The objective of this thesis is to combine the literature and legislative texts related to virtual currency to create an AML internal process for a case company in the Finnish context. A qualitative approach featuring the case study was used because it is the most suitable approach to identify the business challenge and provide a solution to address the European regulation as transposed into law in Finland.
The outcome is the internal AML process proposal which was depicted as a swim lane chart detailing the company’s departments and communication flow. The result would ensure agile AML execution and make the compliance process aligned with the company’s strategy. The proposal would provide a preliminary means for the companies in constructing their AML program while complying to the stricter AML regulations.
The objective of this thesis is to combine the literature and legislative texts related to virtual currency to create an AML internal process for a case company in the Finnish context. A qualitative approach featuring the case study was used because it is the most suitable approach to identify the business challenge and provide a solution to address the European regulation as transposed into law in Finland.
The outcome is the internal AML process proposal which was depicted as a swim lane chart detailing the company’s departments and communication flow. The result would ensure agile AML execution and make the compliance process aligned with the company’s strategy. The proposal would provide a preliminary means for the companies in constructing their AML program while complying to the stricter AML regulations.