NCJ Number
188674
Journal
Journal of Financial Crime Volume: 8 Issue: 2 Dated: November 2000 Pages: 162-170
Date Published
November 2000
Length
9 pages
Annotation
A survey of cash dealers in banks and non-bank financial institutions in Australia sought to determine their attitudes toward the legislation and related reporting requirements designed to address money laundering
Abstract
Responses to the 434 mailed questionnaires came from 60 individuals in the banking sector and 58 in the non-bank financial institutions. Results revealed no significant difference between the attitudes of the two groups of participants. The major difference in attitude was between trained and untrained officers. Trained officers clearly had a greater knowledge and understanding of the Financial Transaction Reports Act 1988 and of reporting obligations. They also had more confidence in the anti-money-laundering legislation and the Australian Transaction Reports and Analysis Center. The only significant difference in the groups from different types of institutions were about dealing with foreign clients and awareness of foreign regulations; the officers of non-bank institutions were clearly poorly prepared. Findings indicated the need for more training and indicated that increased training will increase support for the legislation and reduce intentional noncompliance. Tables and 10 references