Money Laundering Detection Methods
Money laundering is a dynamic process. It involves a circulation of money or fund transfers in and out of a country to legalize the source of those funds. Some measures to decrease the circumvention of this form of illegal activity include:
• Deviations in trading volume and frequency,
• Unusual payments and receipts from an unusual trade partner, and
• Financial Fraud which is known as Benford’s Law, based on the numbers of times a specific digit occurs in a particular position in numbers to detect financial fraud (Yang and Wei, 2010).
Many applications and reporting regulations are published by anti- money laundering institutions for financial organizations or public to collaborate ...
Get Money Laundering and Terrorist Financing Activities now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
