The Anti-Money Laundering Act to a Universal Bank in Makati City

Abstract

This study aimed to assess the effectiveness of the Anti-Money Laundering Act (AMLA) to a universal bank in Makati City. The descriptive survey method was used. Frequency, Percent Distribution, Weighted Mean, One-way Analysis of Variance (ANOVA), t-test, and Ranking were the statistical tools utilized in this study. Most respondents aged 31-40 years old, female, married, college graduate, with job position level of rank and file and other, working in banks for 4-6 years, with experience of 4-6 years related to AML and with 1-2 training sessions/seminars attended related to AMLA for the last two years. There were no significant differences in the level of effectiveness of AMLA in terms of the four aspects when respondents were grouped according to age, sex, civil status, highest educational attainment, and job position level. As to the number of training sessions/seminars related to AMLA for the last two years in terms of Assessment and MLA Prevention, the level of effectiveness was not significant. There were substantial differences in the four aspects, as to the number of years working in bank and number of years of experience related to AMLA. There were significant differences as to the number of training sessions/seminars related to AMLA for the last two years under governance and MLA Detection. Bank’s behavioral standards and written codes of ethical conduct should be exhibited, and an open-door policy with employees for free and open communications should be observed. Updated banks’ rules and regulations should be noted and implemented. Human Resource Unit should always check the database and assessment of training sessions/seminars should be done regularly.