International Journal of Advanced Multidisciplinary Research and Studies
Volume 4, Issue 6, 2024
Strategic Framework for Strengthening AML Compliance Across Cross-Border Transport, Shipping, and Logistics Channels
Author(s): Francess Chinyere Okolo, Emmanuel Augustine Etukudoh, Olufunmilayo Ogunwole, Grace Omotunde Osho, Joseph Ozigi Basiru
DOI: https://doi.org/10.62225/2583049X.2024.4.6.4105
Abstract:
This paper proposes a strategic framework aimed at enhancing Anti-Money Laundering (AML) compliance within cross-border transport, shipping, and logistics channels—sectors increasingly vulnerable to financial crime due to their global reach and complex supply chains. As illicit financial flows continue to exploit gaps in regulatory enforcement and operational oversight, particularly in free trade zones and transshipment hubs, the need for a harmonized and risk-based approach to AML becomes critical. This framework integrates international AML standards with sector-specific risk assessment tools, digital technologies such as blockchain and AI, and collaborative governance models to create a cohesive compliance environment. Emphasis is placed on multi-stakeholder coordination among customs authorities, financial institutions, shipping companies, freight forwarders, and regulatory bodies to improve transaction transparency, cargo tracking, and due diligence procedures. The framework also highlights the role of regulatory technology (RegTech) in automating compliance processes, enabling real-time monitoring, and facilitating cross-border information sharing. Ultimately, this study underscores the importance of proactive and adaptive AML strategies that align with global regulatory trends while addressing the unique challenges of international transport and logistics networks.
Keywords: Anti-Money Laundering, Cross-border Transport, Shipping Compliance, Financial Crime, Regulatory Technology
Pages: 1751-1760
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