Implementing Customer Due Diligence Principle on Financial Services Corporation in Order to Prevent and Eliminate Money Laundering

Sunarmi, Detania Sukarja, T. M. Lubis

2018

Abstract

Money Laundering, a white collar crime causes negative effects such as the loss of the government’s control over its economic policies, undermining the integrity of economic markets, undermining corporate sectors, the emergence of an economic distortion and instability, and it reduces the country’s revenue. A financial services corporation as the vessel where money laundering was conducted must perform a customer due diligence principle, however unfortunately, it has yet to be implemented, and therefore it is difficult to detect the activities of money laundering. The purpose of this research is to understand and analyze a financial services corporation that implements the customer due diligence principle in order to prevent and eliminate money laundering. This research is based on explanations or inventions on the anti-money laundering law field. The results of this research shows that there are still lots of financial services corporation Industry except for banking companies, insurance companies, and pawnshops that has yet to implement the customer due diligence principle even though this has been clearly regulated on Elucidation of Article 18 point (2) Law No. 8 of 2010 and Various Bank Indonesia Regulation (PBI).

Paper Citation

in Harvard Style

Sunarmi., Sukarja D. and Lubis T. (2018). Implementing Customer Due Diligence Principle on Financial Services Corporation in Order to Prevent and Eliminate Money Laundering.In Proceedings of the International Conference of Science, Technology, Engineering, Environmental and Ramification Researches - Volume 1: ICOSTEERR, ISBN 978-989-758-449-7, pages 1674-1677. DOI: 10.5220/0010094416741677

in Bibtex Style

@conference{icosteerr18,
author={Sunarmi and Detania Sukarja and T. M. Lubis},
title={Implementing Customer Due Diligence Principle on Financial Services Corporation in Order to Prevent and Eliminate Money Laundering},
booktitle={Proceedings of the International Conference of Science, Technology, Engineering, Environmental and Ramification Researches - Volume 1: ICOSTEERR,},
year={2018},
pages={1674-1677},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010094416741677},
isbn={978-989-758-449-7},
}

in EndNote Style

TY - CONF

JO - Proceedings of the International Conference of Science, Technology, Engineering, Environmental and Ramification Researches - Volume 1: ICOSTEERR,
TI - Implementing Customer Due Diligence Principle on Financial Services Corporation in Order to Prevent and Eliminate Money Laundering
SN - 978-989-758-449-7
AU - Sunarmi.
AU - Sukarja D.
AU - Lubis T.
PY - 2018
SP - 1674
EP - 1677
DO - 10.5220/0010094416741677