Perspectives from Experts on Developing Transaction Monitoring Methods for Anti-Money Laundering
Authors: Oztas, B., Cetinkaya, D., Adedoyin, F., Budka, M., Dogan, H. and Aksu, G.
Journal: Proceedings - 2023 IEEE International Conference on e-Business Engineering, ICEBE 2023
Pages: 39-46
DOI: 10.1109/ICEBE59045.2023.00024
Abstract:Financial institutions face significant challenges in their efforts to prevent money laundering and terrorist financing due to criminals continuously evolving techniques and the vast volume of transactions that need to be processed. The traditional rules-based methods utilized in banks produce high false positive rates, which lead to increased costs and inefficiencies. This study identified the perspectives of 8 anti-money laundering (AML) specialists on the current state and potential improvements in transaction monitoring methods. The results, obtained through semi-structured interviews (totaling 480 minutes), provide indepth knowledge of the challenges faced by institutions and the requirements needed to enhance transaction monitoring methods for researchers and practitioners. The findings reveal that current transaction monitoring methods are inefficient, highlighting problems such as high false positive alerts, low detection accuracy, and high operational costs. Requirements such as explainability, flexibility, and new risk identification were also identified and examined. This research contributes to the existing literature by providing valuable insights from industry experts, guiding the development of advanced transaction monitoring methods, and addressing the disconnect and lack of studies between industries and academicians in the domain.
Source: Scopus
Perspectives from Experts on Developing Transaction Monitoring Methods for Anti-Money Laundering
Authors: Oztas, B., Cetinkaya, D., Adedoyin, F., Budka, M., Aksu, G. and Dogan, H.
Conference: IEEE International Conference on E-Business Engineering (ICEBE) 2023
Dates: 4-6 November 2023
Source: Manual
Perspectives from Experts on Developing Transaction Monitoring Methods for Anti-Money Laundering.
Authors: Oztas, B., Cetinkaya, D., Adedoyin, F.F., Budka, M., Dogan, H. and Aksu, G.
Journal: ICEBE
Pages: 39-46
Publisher: IEEE
ISBN: 979-8-3503-2555-3
https://doi.org/10.1109/ICEBE59045.2023
Source: DBLP