Designing Money Laundering Risk Model in Banks and Financial Institutions Based on Grounded Theory

Document Type : Original Article

Authors

1 Associate Professor, Department of Accounting, Islamic Azad University, Gorgan Branch, Gorgan, Iran.

2 Assistant Professor, Department of Accounting, Islamic Azad University, Gorgan Branch, Gorgan, Iran.

3 PhD Student in Accounting, Department of Accounting, Islamic Azad University, Gorgan Branch, Gorgan, Iran.

10.48301/kssa.2023.362738.2296

Abstract

In recent decades, money laundering methods have become much more innovative due to the development of financial products and services offered, the complexity of financial communications, the advancement of technology, and the acceleration of cash flows around the world. Banks are most affected by money laundering. In this regard, one of the most important risks faced by banks and financial institutions is money laundering risk. Therefore, the main purpose of the present study was to design a model for money laundering risk in banks and financial and credit institutions. A mixed research method was used with a sequential exploratory approach. In this study, first, qualitative data was collected and analyzed followed by quantitative data collection and analysis in the second stage. To meet this challenge comprehensively and systematically, all indicators in the field of money laundering risk in banks and financial institutions that were effective were extracted. Through interviews and documentary studies using the qualitative method of grounded data theory, the effective indicators were identified, extracted and placed into 23 organizing themes and 96 basic themes. In the quantitative part and in order to confirm the components from the perspective of experts, the factor analysis method was used. The results showed the significance of the measurement models and structural equations at the 99% confidence level.

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Main Subjects

References

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Karafan Quarterly Scientific Journal
Volume 20, Special Issue
Humanities
August 2023
Pages 545-563

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History

  • Receive Date: 29 October 2022
  • Revise Date: 21 December 2022
  • Accept Date: 11 March 2023

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