Anti-Money Laundering Management of a Universal Bank in the National Capital Region

Abstract

The study aimed to assess the effectiveness of Anti-Money Laundering Management of a Universal Bank in the National Capital Region. The researcher gathered all the relevant data which were subjected to statistical treatment. As revealed, most of the respondents of the universal bank are 41 years old and above, females, earned their bachelor’s degrees, with a job position level of Junior Assistant and Assistant Manager, with 16 years of service, attended an average of 5 to 7 related training sessions for three years, and are part of the Branch Banking Group. The respondents’ perceptions of the anti-money management services in terms of Organizational Process, Organizational Structure, Organization’s Operational Cost, and Organization’s legal procedure are effective. There are significant differences in the respondents’ assessment on the effectiveness of the money laundering management of a universal bank when they are grouped by Department/Unit in the aspects of Organizational structure and Organization’s operational cost. As such, one of the recommendations of the researcher was that the universal bank should request for additional personnel with relevant background on Anti-Money Laundering Law and provisions. They should carefully choose the applicant they wanted to be part of their department/unit.