Assessment of Employees’ Perceptions on Anti-Money Laundering (AML) Practices and Correlation with Organisational Cybersecurity Maturity
Keywords:
Anti-money laundering, counter terrorism financing, financing of terrorism, money laundering, cyber securityAbstract
The purpose of this study was to assess employees’ perceptions of anti-money laundering practices at the National Development Bank in Botswana. The study used a quantitative approach. A sample of 84 respondents who are employees of the National Development Bank (NDB) of Botswana took part in the study. These were selected through a stratified random sampling method to ensure representation in all strata. A selfadministered questionnaire was used to collect data. The study found out that employees of National Development Bank understand the concept of money laundering and the stages involved in money laundering. Secondly, the study established that the main causes of money laundering were corruption, politicians and prominent persons influence, and weak banking and financial systems. Thirdly, the study established that money laundering is harmful to the economy in different ways that include increased national crime, increased corruption, and negative effects on the economy. The study recommended that the management of NDB should adopt anti-money laundering/ combating/ counter terrorism financing (AML/CFT) regulations laid out by regulating bodies including those of the Financial Action Task Force (FATF), Bank of Botswana and the Financial Intelligence Agency (FIA). In addition to this, the bank management should expose its employee to continuous knowledge on ML/FT through in-house training and external workshops with other industry stakeholders. The bank should also adopt a robust record management system that is able to capture all transactions taking place within it. The system should be robust enough to flag suspicious ML/FT activities taking place through transactions carried out within the bank.
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