Deconstructing Money Laundering Risk: De-risking, the Risk-based Approach and Risk Communication

Introduction
Contents
About the Author
Abbreviations
List of Figures
List of Tables
Chapter 1: Introduction to Anti-Money Laundering
	1.1 Section 1: Estimating the Extent of ML and Measuring AML Effectiveness
		Estimating the Extent of ML
		Assessing the Effectiveness of AML Frameworks
		Are Fines Adequate Indicators of AML Effectiveness?
	1.2 Section 2: Legislation and the Emergence of the Risk Narrative
		International Bodies
		Regional Initiatives
	1.3 Section 3: Risk and Governance
		Defining and Measuring Risk
		Is Risk Real?
		The Evolution of the Risk Discourse within Governance and the Risk-Based Approach
		The Risk-Based Approach to ML Risk Governance
		Why we Need Social Sciences to Understand Risk
	References
Chapter 2: Risk and Luhmann´s Systems Theory
	2.1 Luhmann´s System Theory (LST) and Social Systems
		System, Boundary and Environment
		Operational Closure, Autopoiesis and Self-Reference
		Structural Coupling
		Re-Entry and Observing Systems
		Double Contingency and Communication
		Function Systems and Binary Codes
		Organisations and Decisions
	2.2 Luhmann´s Sociological Theory on Risk
		Risk Governance and Communication According to Luhmann
	References
Chapter 3: Case Studies and Empirical Findings
	3.1 Fieldwork and Research
	3.2 The SAR Analysis and Escalation Process: Summary
		Summary of FIU1´s SAR Process
		Summary of FIU2´s SAR Process
	3.3 The SARs Regime
		FIUs Develop Competitive Advantages Over Others
			Technology
			Geographical Location
			Law and Constitution
	3.4 The Risk-Based Approach
		Financial Institutions and Their Relationships with AML and ML
		The Role of the Regulator
		The Illusion of Risk Deconstruction
	3.5 Risk Appetite, Intelligence and Re-entry
		Risk Appetite and Intelligence
		The Re-entry of Risk
	3.6 Re-risking: A Consequence of De-risking
		De-risking Is Risk Assessment
		De-risking: Forcing the Re-entry of the Risk/Danger Distinction onto Other Systems
	References
Chapter 4: Analysis and Discussion
	4.1 Section 1: Extracting Propositions
		ML Intelligence: Using Obliged Entities´ Risk Profiles
		The FIU: Externalising Danger and De-risking
		The Inefficiency of the Current SAR Regime: A Communication Issue
		The FIU: Boundary Operationalisation and Attempts at Bridging Function Systems
		De-risking and the Recursivity of Re-risking
		The Important Role of Risk Taker as Risk Bearer
	4.2 Section 2: Theoretical and Domain Contributions
		Contributions and Recommendations
			Re-risking: The Inevitability of De-risking
			The Role of the Risk Bearer
			Translation Codes
	References
Chapter 5: Conclusion
	5.1 Propositions´ Overview
	5.2 Answering Key Issues
	5.3 Applicability and Implications for Future Research
	References