SACM - United Kingdom
Permanent URI for this collectionhttps://drepo.sdl.edu.sa/handle/20.500.14154/9667
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Item Restricted "Financial Institutions in Saudi Arabia: Compliance with Domestic and International Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Regulations"(Cardiff University, 2024-05) Makhfor, Reem; Norton, SimonABSTRACT AML/CFT breaches impose potentially high financial, reputational and criminal liabilities upon individual banks, and indeed the entire banking system. Full compliance by banks with the increasingly complex AML/CFT regulations and legislation in Saudi Arabia, and elsewhere, remains the principal objective when combatting ML and terrorist financing, despite evidence suggesting such compliance has a negligible effect on illicit flows of finance. The aim of this study is to investigate the nature, extent, and effectiveness of compliance by banking institutions in Saudi Arabia, referencing the domestic and international AML/CFT regulations, barriers and obstacles to such compliance, and the means by which these can be mitigated or overcome. This study has employed a mixed methods methodology comprising a survey based and multi-case study strategy. Quantitative and qualitative data was collected using selfadministered questionnaires and interview strategies, respectively. The survey included 300 respondents (including frontline staff, branch managers, internal auditors and compliance officers) drawn from 25 licensed banking institutions in Saudi Arabia. The survey and interview respondents were selected based on random and purposive sampling respectively. The findings indicate that banking institutions in Saudi Arabia have complied materially with existing AML/CFT regulations and legislation. While there is room for improvement, the overall degree of awareness of AML/CFT and red flags remains strong, but statistically significant variances have been observed among employees a This study adopts both deductive and inductive approaches. The first phase of the study seeks to ascertain the nature and extent of adoption and implementation of AML/CFT among banking institutions in Saudi Arabia. This is achieved by way of a structured questionnaire testing different aspects of compliance and the effectiveness of AML/CFT frameworks based on the letter of the law. This phase of the study utilises the deductive approach. However, in order to gather richer data about compliance and effectiveness and identify gaps between formal and actual compliance, inductive methods are preferable. Using both deduction and induction permits combining theory generation and hypothesis-testing in the same study, increasing its productivity (Jogulu & Pansiri 2011; Creswell et al. 2011). Saudi anti-money laundering legislation is limited in practical effect and offers a narrow solution to what is a sophisticated and expansive problem. Consistent with regulations, the evidence presented in this study supports the conclusion that Saudi banks apply enhanced scrutiny to Politically Exposed Persons (PEPs), albeit that such scrutiny is equally potentially ineffective as it depends upon information volunteered by clients. The data and information necessary for banking staff and banks to obtain reasonable assurance with regard to the legality of their clients’ practices, and concerning the transactions through their facilities, must also be legally obtained in an appropriate manner.10 0Item Restricted A Critical Analysis of The Use of Regulatory Technologies by the European Financial Sector(Saudi Digital Library, 2023-09-01) Alblowi, Abdullah; Martins, ClaraThis dissertation focuses on the Regtech phenomena from a legal perspective in the context of the EU. Building on the previous literature and examining existing legislation manly the EBA Regtech report and creating a deeper understanding of the inner workings of Regtech and its role of a compliance tool and the financial sector and it’s role in the future labeled as Regtech 3.0. this study will contain a descriptive narration on the concept of Regtech from historical, technical and technological perspective. Examining its rule as a compliance tool in the financial sector. Highlighting its market segmen and it’ rule on streaming AML and KYC and incorporated technologies and explore it’s benefits and advantages while examining it’s operational, legal, market risks. This dissertation analyze its current state the European Union and unregulated. Applying regulation theory to test the hypothetical impact on the Regtech industry. This dissertation argues that a pan European sandbox would facilitate a massive positive impact on the industry.30 0Item Restricted Assessing compliance within B. Braun in relation to the industry codes(Saudi Digital Library, 2023-09) Alqahtani, Ali; Perera, TerrenceThis exploratory study aimed to understand the nature of regulatory compliance within B. Braun focuses on the perceptions and experiences of its marketing and sales staff and highlights areas for improvement. B. Braun's multifaceted healthcare offerings navigate a complex regulatory landscape, made more challenging by the diverse regulatory codes they must adhere to. This research addresses a gap in the literature, emphasising the alignment of corporate culture with compliance in the dynamic healthcare industry, especially in the UK. Through a combination of descriptive and thematic analyses, this study utilised qualitative methods, capturing insights from marketing and sales staff about their experiences with regulatory codes and the company's code of conduct. Findings indicated commendable awareness and alignment with B. Braun's code of conduct among employees. However, particular areas, notably targeted marketing, warrant strategic refinement. There is a clear emphasis on the need for consistent and tailored training, given the changing regulatory landscape. Moreover, B. Braun's dedication to transparency and adherence sets a standard in the industry. The study emphasises the importance of a responsive strategy, including regulatory adaptability, technology adoption, partnerships, and ethics. While the company's adherence to ethical standards is noteworthy, there's room for improvement, particularly in training for both teams' compliance. This research offers a unique perspective, clarifying the UK healthcare regulatory dynamics and providing practical insights. For stakeholders, it underscores the advantages of a robust compliance culture, highlighting the need for proactive measures in areas like training. Addressing these would benefit B. Braun's internal operations in light of the relevant codes and reinforce its market position, reflecting broader industry challenges.11 0Item Restricted The inadequacy of compliance theory: A case study of Saudi Arabia and TRIPS(Saudi Digital Library, 2023-05-25) Alsaeed, Omar; Alattar, MohsenInnovation and emerging technologies continue to drive the marketplace and global economy, increasing the convergence of international companies working with each other and necessitating the negotiation and adoption of new legal agreements between states. International trade law has sought to maintain the integrity of the global market by protecting intellectual property (“IP”) and establishing international agreements, including the Agreement on Trade-Related Aspects of Intellectual Property Rights (“TRIPS”), that ensure the protection of IP rights and related rights at the international level. Compliance with such agreements has been the subject of considerable debate among legal scholars, many of whom wrestle with binary frameworks that depict states as either compliant or non-compliant. This study investigates one international actor, the Kingdom of Saudi Arabia (“the KSA” or “the Kingdom”), and the factors that govern the extent of its compliance with international legal agreements, and particularly with TRIPS. Adopting a library-based, qualitative analytical approach, this thesis discusses the lack of consensus over the relationship between compliance and implementation and the absence of a suitable theory that examines compliance comprehensively. First, a distinction is drawn between the KSA’s implementation of TRIPS and its compliance therewith, and the gap between the two is assessed. Next, through a critique of various theories of compliance, the challenges it presents even for those states that wish to comply are considered. Finally, Jacobson and Weiss’s comprehensive model of compliance is applied to the case of the KSA to develop a deeper understanding of the Kingdom’s complex relationship with TRIPS and with international legal agreements generally. The findings suggest that scholars may be better served by a sliding scale model as opposed to the widely practised binary model.37 0