Obligations of banks in combating money laundering operations

The research aims to explain the procedures that banks take to combat money laundering, in addition to identifying the obstacles that hinder banks from carrying out their duties towards combating money laundering. The research was divided into three sections. The first section dealt with the concept of money laundering, and identifying the stages of the money laundering process. The sources of money laundering operations were clarified, and the second section dealt with banks’ procedures to reduce money laundering operations. In the third section, the responsibility of banks towards detecting money laundering operations was clarified, through reviewing the control system for money laundering operations, as well as the preventive measures required by banks. To combat money laundering, in addition to the mechanism for reporting money laundering operations, the research found that, through money laundering operations, several illegal and illegal activities are carried out, resulting in funds in very large quantities, which negatively affects the country’s economy.