Extent of commitment of commercial banks to Apply regulatory procedures on Money laundering:A field study on Libyan commercial banks in the city of Al Kufra

Abstract

This study investigates the extent of commitment by Libyan commercial banks in the city of Al Kufra to implementing regulatory procedures for anti-money laundering. Given the global rise in financial crimes and their severe economic and social impacts, the research emphasizes the critical role of the banking sector in detecting and preventing such activities. To achieve its objectives, the study employed a descriptive-analytical approach, utilizing a comprehensive survey of all employees in the targeted bank branches. Data was collected through a structured questionnaire distributed to 53 individuals, covering three main dimensions: identification of customers and beneficial owners, adherence to guiding indicators for suspicious transactions, and compliance with international standards such as the Financial Action Task Force (FATF). The findings revealed a high level of commitment across all dimensions; specifically, banks demonstrated a very high commitment to identifying the true identity of account holders and a high degree of vigilance regarding transactions inconsistent with a customer's known activity. Statistical analysis confirmed the rejection of null hypotheses, indicating significant compliance with both local and international anti-money laundering protocols. Based on these results, the study recommends enhancing legal protections for bank employees who report suspicious activities to ensure a safer reporting environment. It also suggests continuous capacity building through specialized training programs to keep pace with evolving money laundering techniques and the integration of artificial intelligence in financial monitoring.