Accountability in anti-money laundering – findings from the banking sector in Finland

The purpose of this study is to explore how the banking industry seeks to prevent money laundering and how the phenomenon is reflected in practice in the daily work of bank employees in Finland.

This study is a qualitative case study by its nature. The concept of accountability has been used as a theoretical approach in the study.

This study shows that knowing the customer is one of the most important factors in preventing money laundering. The risk-based approach, customer risk classification and bank’s internal instructions have partially clarified daily routines in anti-money laundering (AML). Technological developments and various payment services have generated new ways of money laundering, but technology has also made it easier to monitor cash flows through various monitoring systems. The challenge is constantly changing regulations concerning how to act in different situations for different customers.

This study investigated the accountability of banks in AML in Finland and highlighted how bank employees implement accountability for AML in an ever-changing socio-technical context.