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Financial fraud and money laundering represent an important concern both nationally and worldwide due to the huge amounts of monetary losses they imply. Besides human inspection, Data Science (DS) has proved so far to be a useful tool in order to fight these activities by automatic means. Nevertheless, this approach to the problem is still in early stages, thus yielding plenty of field to be explored...
Money Laundering (ML) is the process of cleaning “dirty” money, thereby making the source of funds no longer identifiable. Detecting money laundering activities is a challenging task due to huge volumes of financial transactions being made in a global market on a daily basis. This paper proposes a novel approach for detecting money laundering transactions among large volumes of financial data in an...
The emergence of the internet as a global, borderless communication platform afforded a wide range ofsocial and economic opportunities to people throughout theworld. Criminals have exploited the ability to communicateinstantaneously around the globe to facilitate crossjurisdictionalcyber-fraud and subsequently, online moneylaundering. Coordinating international fraud and moneylaundering schemes requires...
Suspicious financial transactions that lead to money laundering in Indonesia is increasing every year. One of the causes money laundering in Indonesia is because the lack of information that bank use to know their customers (Know Your Customer) that doing unusual transaction. To decide when the unusual transaction become suspicious financial transaction bank need a data which is complete, accurate,...
Money laundering refers to disguise or conceal the source and nature of variety ill-gotten gains, to make it legalization. In this paper, we design and implement the anti-money laundering regulatory application system (AMLRAS), which can not only automate sorting and counting the money laundering cases in comprehension and details, but also collect, analyses and count the large cash transactions....
Mobile Money Transfer (MMT) services provided by mobile network operators enable funds transfers made on mobile devices of end-users, using digital equivalent of cash (electronic money) without any bank accounts involved. MMT simplifies banking relationships and facilitates financial inclusion, and, therefore, is rapidly expanding all around the world, especially in developing countries. MMT systems...
Banks got networked, and money laundering went digital. This is as close to cause and effect as you can get. In the future, successful money launderers will demonstrate a closer affinity to tax cheats than bank robbers.
Generally, fraud risk implies any intentional deception made for financial gain. In this paper, we consider this risk in the field of services which support transactions with electronic money. Specifically, we apply a tool for predictive security analysis at runtime which observes process behavior with respect to transactions within a money transfer service and tries to match it with expected behavior...
We provide a first systematic account of opportunities and limitations of anti-money laundering (AML) in Bitcoin, a decentralized cryptographic currency proliferating on the Internet. Our starting point is the observation that Bitcoin attracts criminal activity as many say it is an anonymous transaction system. While this claim does not stand up to scrutiny, several services offering increased transaction...
To stop the fast development and Internalization of Money Laundering crime activities, Internet anti-money laundering technologies based on distributed smart agents is proposed, combined with data mining with relationship graph entropy matrix. And an anti-money laundering simulation system is also presented.
A wide gap in knowledge currently exists as to what constitutes Cybercrime money laundering and terrorism financing behaviour - in the virtual environments. Until now, no detailed behaviour maps, rule bases or models have been designed which describe and validate what money laundering and terrorism financing in virtual environments might look like if they were to occur. Besides that, no effective...
We present a new system, VISFAN, for the visual analysis of financial activity networks. It supports the analyst with effective tools to discover financial crimes, like money laundering and frauds. If compared with other existing systems and methodologies for the analysis of criminal networks, VISFAN presents the following main novelties: (i) It combines bottom-up and top-down interaction paradigms...
Underground economy is an expression that encompasses many conceptual terms, but irrespective of the existent definitions, it consists of certain activities that have persisted over time, especially illegal employment, tax fraud, illegal production, drug trafficking, smuggling, money laundering, etc. The influence of underground economy in the global context stands out due to cross-border activities,...
Phishing, a form of on-line identity theft, is a major problem worldwide, accounting for more than $7.5 Billion in losses in the US alone between 2005 and 2008. Australia was the first country to be targeted by Internet bank phishing in 2003 and continues to have a significant problem in this area. The major cyber crime groups responsible for phishing are based in Eastern Europe. They operate with...
To detect suspicious money laundering transaction in the real world financial applications, a new dissimilarity metric was proposed and a novel money laundering detection algorithm based on improved minimum spanning tree clustering was put forward in this paper. Suspicious money laundering transaction detection experiment on financial data set from the real world indicates that our algorithm is effective...
Financial crimes such as money laundering are often committed by cooperative individuals in a hidden manner. Discovering hidden group in financial transaction networks can help to find suspects of money laundering. A method is presented to discover the hidden group based on hidden Markov model (HMM) and genetic algorithm. HMM is used to describe financial transaction network. The maximum likelihood...
We investigate the paradigm shift from the real- world organized crime to the organized cyber crime, in particular with regard to identity theft through phishing and the methods deployed for the purpose of money laundering. Our work is based on our collaboration with banks and lawyers within the working group identity protection on the Internet (a-i3') as well as phishing victims in Germany. We report...
Tourism is a key industry in Singapore. To boost this industry, she is developing two integrated resorts (IR), a term used to describe a mixed-use development containing a casino. Nearby destinations such as Malaysia, Macau and Perth have casinos and these have proven to be popular and lucrative. The IR industry is expected to invest five billion Singapore dollars and create about 35,000 jobs directly...
This paper defines money laundering in the context of international trade and builds analytic models to measure the contribution of transfer prices to international money laundering. Money laundry-related transfer pricing and transfer price-based money laundering are analyzed in detail. It argues that transfer price-based capital flight and tax evasion are variants of money laundering in nature to...
Current fair electronic cash schemes are mostly based on discrete logarithm problem on finite field or elliptic curve over finite field. However, the RSA is widely accepted as the industrial standard in practice. It is important to study how to construct an efficient fair electronic cash scheme based on the RSA cryptosystem from both a practical perspective and a pure research issue. In this paper,...
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