Download Technology and Anti-Money Laundering: A Systems Theory and by Dionysios S. Demetis PDF

By Dionysios S. Demetis

`While there's a lot noise concerning the keep an eye on of cash laundering, there are few whose paintings is ready to upward thrust above the din and in transparent notes give a contribution in a confident demeanour to the controversy. This paintings is not just an clever dialogue of a few of the substantial concerns when it comes to the keep an eye on of cash laundering, yet greatly extra. Drawing on structures conception and seeing the regulate of cash laundering quite from the viewpoint of know-how as complicated and imperative to the right kind and potent operation of monetary associations, the writer addresses in a singular and sensible manner the layout and administration of chance established compliance. the speculation is demonstrated, not just by way of attainable know-how, but additionally in a precise case learn related to genuine matters in a financial institution. hence, these taken with the formula of coverage, the layout of controls and approaches and the implementation of such will locate the contribution that this ebook makes of significant significance.' - Barry Rider, Bryan Cave LLP, united kingdom

`This ebook avoids the standard seize of interminably directory AML warfare tales. as a substitute Dr. Demetis offers an excellent theoretical beginning for AML study and perform. He offers a damning critique of ways so-called technological recommendations are used uncritically by means of a few AML pros, and analyses the risk-based technique, describing its difficulties and methods of keeping off them. He offers a desirable in-depth case research of a bank, and a brief case of a financial institution utilizing know-how to enhance its real optimistic price considerably to 17 in line with cent.' - Ian Angell, London institution of Economics, united kingdom

`Dr Demetis makes a superb contribution to our knowing of anti-money laundering at either a structures and functional point. [He] writes as somebody who not just thinks deeply approximately those matters yet, because the in-depth case examples convey, has attempted to determine how some distance expertise can tackle a few audacious objectives. Readers will examine that whereas risk-based methods to anti-money laundering were an engaging regulatory improvement, useful implementation, regardless of the hype of know-how owners, is "still at a primordial state".' - Michael Mainelli, Gresham collage and Z/YEN workforce, united kingdom

This insightful e-book examines the impact of knowledge platforms on anti-money laundering (AML). It builds on platforms idea for you to improve a coherent theoretical framework that may be used for AML examine.

By utilizing a case examine of a huge bank within the EU-area, a few technological impacts on AML are deconstructed and are used to ascertain the position that know-how performs inside of AML. The e-book offers a structures theoretical description of the results of expertise on AML and provides issues at the risk-based strategy - an important modern evolution inside regulatory projects on AML and terrorism financing.

Technology and Anti-Money Laundering will entice researchers of economic crime and AML in addition to these attracted to details structures and platforms concept. a few issues for practitioners also are mentioned, together with the risk-based process and the combination of AML-technology in monetary associations, in addition to a major data-mining software. cash Laundering Reporting officials (MLROs) in monetary associations and vital bankers also will locate a lot of curiosity during this ebook.

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Additional info for Technology and Anti-Money Laundering: A Systems Theory and Risk-Based Approach

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The working group on cross-border banking is a joint group consisting of members of the Basel Committee and the Offshore Group of Banking Supervisors. It is worth noting that the Basel Committee portrayed sound KYC procedures as a critical component in the overall effective management of banking risks and not just anti-money laundering. According to the Basel Committee, there was no need to duplicate the work of the FATF7 (Basel, 2001). 24 Technology and anti-money laundering When the expansion of anti-money laundering saw terrorist financing being incorporated into the concerns of the various surrounding institutions, it became evident that the Basel Committee would also participate in the effort.

Does the word ‘typology’ even make sense in the case of TF without resorting to discriminatory practices that often touch upon sensitive issues of race and religion? Beyond the simple requirement of testing for those suspicious persons that appear in the OFAC (Office of Foreign Assets Control) or CFSP (Common Foreign and Security Policy) lists, profiles need to be constructed and technologically embedded so that the activity of terrorist financing can be modelled. But how can someone construct a profile for a terrorist financer?

This means that there exists a portfolio of multidisciplinary applications of the theory, and so ST would seem ideal for adoption in the fields of information systems and AML, fields that are truly interdisciplinary. Particularly for information systems, ST could also help establish an identity for the field, which has faced considerable crisis as to whether it even constitutes a distinct discipline (Avgerou, 2000). Indeed, prominent scholars in the field of information systems (IS) have not refrained from suggesting that systems theory could bring out the full potential in information systems research by providing both rigour and relevance, as well as by providing considerable new insights in the sociotechnical sphere and within interpretivist research (Lee, 2003).

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