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Combating Money Laundering: AML technologies in money laundering detection, investigation and prevention

Wallhoff, Hanna LU and Hultin, Tove (2020) INFM10 20201
Department of Informatics
Abstract
Money laundering is the act of concealing the origin of illegal proceeds and it occurs due to deregulated economies and insufficient legal security. The European Union has recognized the importance of combating this crime by developing Directive (EU) 2015/849 on antimoney laundering and counter-terrorist financing, which applies to financial and credit institutions. They are obligated to work preventively, to detect and investigate suspicious activities. To fulfil the legal requirements, banks invest heavily in IT and systems for automating detection of irregularities are commonly employed. Thus, the purpose of this study is to contribute with knowledge in understanding how finance sector utilises AML technologies to combat money... (More)
Money laundering is the act of concealing the origin of illegal proceeds and it occurs due to deregulated economies and insufficient legal security. The European Union has recognized the importance of combating this crime by developing Directive (EU) 2015/849 on antimoney laundering and counter-terrorist financing, which applies to financial and credit institutions. They are obligated to work preventively, to detect and investigate suspicious activities. To fulfil the legal requirements, banks invest heavily in IT and systems for automating detection of irregularities are commonly employed. Thus, the purpose of this study is to contribute with knowledge in understanding how finance sector utilises AML technologies to combat money laundering and how this knowledge can contribute to practise by further understanding how such technologies show their capacity of combating crime. Through a thorough literature review and analysis of empirical findings, it becomes apparent that financial service providers employ AML technologies for transaction monitoring and to find connections among customers as well as identifying networks of criminals. Although technologies are essential for combating purposes, they are unlikely to replace human ability. (Less)
Please use this url to cite or link to this publication:
author
Wallhoff, Hanna LU and Hultin, Tove
supervisor
organization
course
INFM10 20201
year
type
H1 - Master's Degree (One Year)
subject
keywords
AML technologies, anti-money laundering, money laundering, financial crime, compliance
report number
INF20-049
language
English
id
9017634
date added to LUP
2020-06-26 16:56:00
date last changed
2020-06-26 16:56:00
@misc{9017634,
  abstract     = {{Money laundering is the act of concealing the origin of illegal proceeds and it occurs due to deregulated economies and insufficient legal security. The European Union has recognized the importance of combating this crime by developing Directive (EU) 2015/849 on antimoney laundering and counter-terrorist financing, which applies to financial and credit institutions. They are obligated to work preventively, to detect and investigate suspicious activities. To fulfil the legal requirements, banks invest heavily in IT and systems for automating detection of irregularities are commonly employed. Thus, the purpose of this study is to contribute with knowledge in understanding how finance sector utilises AML technologies to combat money laundering and how this knowledge can contribute to practise by further understanding how such technologies show their capacity of combating crime. Through a thorough literature review and analysis of empirical findings, it becomes apparent that financial service providers employ AML technologies for transaction monitoring and to find connections among customers as well as identifying networks of criminals. Although technologies are essential for combating purposes, they are unlikely to replace human ability.}},
  author       = {{Wallhoff, Hanna and Hultin, Tove}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Combating Money Laundering: AML technologies in money laundering detection, investigation and prevention}},
  year         = {{2020}},
}