Evaluating the role of Zambian commercial banks in the prevention of money laundering, a case study of access bank Zambia limited.
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Date
2024
Authors
Chishala, Sylvester
Journal Title
Journal ISSN
Volume Title
Publisher
The University of Zambia
Abstract
This study employed a comprehensive research approach, combining both qualitative and quantitative methodologies to investigate the role of Zambian commercial banks in preventing money laundering, with a specific focus on Access Bank Zambia. The overarching research objectives aimed to assess the effectiveness of anti-money laundering (AML) measures, identify variables contributing to the rise in money laundering instances, and analyze the active
participation of Zambian commercial banks in AML initiatives. The study encompassed a diverse participant pool, involving 60 individuals for the quantitative phase and 10 participants for the qualitative phase. Data collection incorporated a dual-method strategy, employing interview guides and questionnaires to gather information. The quantitative aspect employed a research design featuring correlation and regression analysis to evaluate the interplay between variables influencing AML effectiveness. In parallel, qualitative interviews were conducted to delve deeper into participants' experiences, and thematic analysis was applied to unveil recurring patterns. The quantitative findings underscored a robust correlation between AML effectiveness and pivotal factors such as staff training, corporate culture, and technological advancements. Notably, staff training and awareness, corporate culture, and regulatory environment emerged as significant contributors to the success of AML programs. The subsequent regression analysis quantified the impact of these variables, offering nuanced insights into the specific measures significantly influencing perceived AML program effectiveness. Qualitatively, recurring themes identified through thematic analysis emphasized the vital role of ongoing staff training programs, the influence of a strong corporate culture, and the impact of technological advancements on AML
procedures.
Description
Thesis of Master’s in Business Administration.