scholarly journals Data mining for statistical analysis of money laundering transactions

2019 ◽  
Vol 22 (4) ◽  
pp. 753-763
Author(s):  
Mark Eshwar Lokanan
Keyword(s):  
Data Mining ◽  
Statistical Analysis ◽  
Money Laundering ◽  
Service Sector ◽  
Empirical Studies ◽  
Financial Service ◽  
Statistical Techniques ◽  
Content Type ◽  
Regulatory Policies ◽  
Statistical Data Mining

Purpose The purpose of this paper is to use statistical techniques to mine and analyze suspicious transactions. With the increase in money laundering activities across various sectors in some of the world’s leading democracies, the ability to detect such transactions is gaining grounds with more urgency. Regulators and practitioners have been calling for an approach that can mine the large volume of unstructured data form suspicious money laundering transactions to inform public policies. Design/methodology/approach By deducing from the results of empirical studies in the field of money laundering detection, this paper presented an overview of data mining technology for detecting suspicious transactions. Findings After chronicling the data mining process, the paper delves into an analysis of the statistical approaches that can be used to differentiate between legitimate and suspicious money laundering transactions. The different stages of the data mining process are carefully explained in relation to their application to anti-money laundering compliance. The results indicate that statistical data mining methodology is a very efficient and useful technique to detect suspicious transactions. Practical implications The paper is of relevance to regulators and the financial service sector. A discussion of how data can be mined to facilitate statistical analysis can be used to inform regulatory policies on the detection and prevention of money laundering activities in the financial service sector. Originality/value The paper discuss approaches that illustrate how analysts can use statistical techniques to analyze data for suspicious money laundering transactions

Data mining in anti-money laundering field

2017 ◽  
Vol 20 (3) ◽  
pp. 301-310 ◽  
Author(s):  
Noriaki Yasaka
Keyword(s):  
Data Mining ◽  
Knowledge Management ◽  
Money Laundering ◽  
Design Methodology ◽  
Point Of View ◽  
Important Task ◽  
Content Type ◽  
Suspicious Transaction ◽  
Mining Methods ◽  
The Creation

Purpose This report aims to focus on how suspicious transaction report is created with data mining methods and used from the point of view of knowledge management. Design/methodology/approach This paper considers data mining versus knowledge management in the anti-money laundering (AML) field. Findings In the AML field, the information and knowledge gained are not necessarily used for or shared with the related shareholders. Creating and co-evolving the network of “knowledge professionals” is the impending assignment in this industry. The first and most important task is knowledge management in the global AML field. Originality/value The report considers the creation with data mining methods and utilization from the point of view of knowledge management.

Co-creation of a food marketing offer by final purchasers in the context of their lifestyles

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Agnieszka Izabela Baruk
Keyword(s):  
Statistical Analysis ◽  
World Literature ◽  
Empirical Studies ◽  
Food Marketing ◽  
Primary Data ◽  
Chi Square ◽  
Content Type ◽  
Product Service ◽  
And Cluster Analysis ◽  
A Company

PurposeThis article is theoretical and empirical in nature. Its purpose is to determine whether a lifestyle resulting from a particular personality type is significant for elements of a food marketing offer, which final purchasers would like to co-create with offerors.Design/methodology/approachA cognitive-critical analysis of the world literature on the subject was used to prepare the theoretical section. The results of the analysis indicate a cognitive and research gap in analyzing the above aspects. In order to reduce the gap, empirical studies were conducted in which a questionnaire was used to gather primary data. The data were subjected to quantitative analysis using statistical analysis including exploratory factor analysis, Pearson chi-square independence test, V-Cramer coefficient analysis, Kruskal–Wallis test and cluster analysis.FindingsThe results of the statistical analysis allowed three research hypotheses to be verified. It was found that there is dependence between respondents' lifestyles and elements of a marketing offer which they would like to co-create with offerors. It was also found that a lifestyle is a feature differentiating both material and non-material elements of a marketing offer which respondents would like to co-create with offerors. Such dependence was identified for, respectively, a material product, service and brand, regardless of whether these considered a company or a product. Thus, research hypotheses were proved to be valid for respondents.Research limitations/implicationsThe results obtained from the research have a cognitive and applicability value. They contribute to the theory, including marketing and customer behavior. They can also facilitate the shaping of good mutual relationships between offerors and final purchasers as important partners cooperating in the process of creating marketing values.Originality/valueThe originality of the approach presented is confirmed by the fact that until now elements of a marketing offer which purchasers would like to co-create with offerors have not been analyzed in the context of a lifestyle either in theory or in practice.

scholarly journals Exploring the paths to big data analytics implementation success in banking and financial service: an integrated approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nastaran Hajiheydari ◽  
Mohammad Soltani Delgosha ◽  
Yichuan Wang ◽  
Hossein Olya
Keyword(s):  
Big Data ◽  
Delphi Study ◽  
Data Analytics ◽  
Service Sector ◽  
Big Data Analytics ◽  
Integrated Approach ◽  
Financial Service ◽  
Influential Factors ◽  
Successful Implementation ◽  
Content Type

PurposeBig data analytics (BDA) is recognized as a recent breakthrough technology with potential business impact, however, the roadmap for its successful implementation and the path to exploiting its essential value remains unclear. This study aims to provide a deeper understanding of the enablers facilitating BDA implementation in the banking and financial service sector from the perspective of interdependencies and interrelations.Design/methodology/approachWe use an integrated approach that incorporates Delphi study, interpretive structural modelling (ISM) and fuzzy MICMAC methodology to identify the interactions among enablers that determine the success of BDA implementation. Our integrated approach utilizes experts' domain knowledge and gains a novel insight into the underlying causal relations associated with enablers, linguistic evaluation of the mutual impacts among variables and incorporating two innovative ways for visualizing the results.FindingsOur findings highlight the key role of enabling factors, including technical and skilled workforce, financial support, infrastructure readiness and selecting appropriate big data technologies, that have significant driving impacts on other enablers in a hierarchical model. The results provide reliable, robust and easy to understand insights about the dynamics of BDA implementation in banking and financial service as a whole system while demonstrating potential influences of all interconnected influential factors.Originality/valueThis study explores the key enablers leading to successful BDA implementation in the banking and financial service sector. More importantly, it reveals the interrelationships of factors by calculating driving and dependence degrees. This exploration provides managers with a clear strategic path towards effective BDA implementation.

Multiple perspectives on customer relationships

2014 ◽  
Vol 32 (6) ◽  
pp. 450-456 ◽  
Author(s):  
Kristina Heinonen
Keyword(s):  
Financial Services ◽  
Service Provision ◽  
Customer Value ◽  
Service Sector ◽  
Service Providers ◽  
Short Review ◽  
Financial Service ◽  
Customer Relationships ◽  
Multiple Perspectives ◽  
Content Type

Purpose – The purpose of this paper is to describe and conceptualize customer relationships in the financial service sector, focussing on three aspects of customer-bank relationships: the financial service provider perspective, the customer-provider dyad, and the customer context. Design/methodology/approach – Through a short review of the eight papers included in this special issue, this paper illustrates different aspects of customer relationships. It explores customer value formation in the context of banking services, the dynamics and strength of customer relationships, and strategies for financial service provision and consumer trust. Findings – Customer relationships in the financial service sector are increasingly dynamic and unpredictable. This may be due to both activities within the control of financial service providers, such as strategies for service provision, but is more often attributable to factors beyond the control of providers. What empowered customers are doing in their own settings influences their attitudes toward and evaluations of financial services. Research limitations/implications – The paper is conceptual. It challenges the firm-centric approach to customer relationships and compares different perspectives of customer relationships. The significance of the customer-centric perspective is emphasized. Practical implications – Awareness of uncontrollable and idiosyncratic aspects of customer relationships will offer financial service providers new opportunities for being present in the customers’ lives and business. Originality/value – This paper illustrates the importance of extending the focus from what financial service providers are doing to what customers are doing within their own domains. Financial service providers need to understand more about their customers than their perceptions of service quality, satisfaction, and loyalty in different distribution channels, such as internet and mobile banking. The focus should be instead on how customers integrate their financial activities and experiences in their own life or business.

scholarly journals Preventing the use of financial institutions for money laundering and the implications for financial privacy

2018 ◽  
Vol 21 (1) ◽  
pp. 47-58 ◽  
Author(s):  
Chat Le Nguyen
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Financial Institutions ◽  
Preventive Measures ◽  
Service Providers ◽  
Financial Service ◽  
Conflicts Of Interests ◽  
Content Type ◽  
Banking Secrecy ◽  
Financial Privacy

Purpose This paper aims to discuss the implication of money laundering preventive measures for financial privacy, with the focus on banking secrecy. Design/methodology/approach This paper, first, sets out the principal measures imposed on financial service providers to prevent money laundering. The interaction between the preventive measures and the desire for financial privacy is then discussed. Findings The adequate implementation of the preventive measures is highly important for financial institutions to be secure from money laundering. Nonetheless, the enforcement of these measures is becoming much more intrusive into financial privacy. In practice, financial privacy should be weighted fairly against the objectives of preventive measures. Originality/value This paper would be a good guidance on how to deal with tension and potential conflicts of interests between law enforcement authorities and financial service providers and between the protection of financial privacy and the objectives of the money laundering preventive measures.

Aligning financial inclusion and financial integrity

2019 ◽  
Vol 22 (4) ◽  
pp. 595-613 ◽  
Author(s):  
Thu Thi Hoai Tran ◽  
Louis De Koker
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Task Force ◽  
Empirical Studies ◽  
Financial Inclusion ◽  
Control Measures ◽  
Evaluation Methodology ◽  
Microfinance Institutions ◽  
Content Type ◽  
The Government

Purpose This study aims to consider the anti-money laundering/combating of financing of terrorism (AML/CFT) regime that applies to microfinance institutions (MFIs) and microfinance programmes and projects (MFPs) in Vietnam to identify ways in which to improve the alignment between financial inclusion and financial integrity objectives in relation to this sector. Design/methodology/approach This doctrinal study is informed by the Financial Action Task Force mutual evaluation methodology. Findings The AML/CFT regulatory framework for MFIs/MFPs is inadequate but improving. The money laundering and terrorist financing risks posed by microfinance are low and so is the capacity of many providers to comply with AML/CFT obligations. Given the low risk, there is space to simplify AML/CFT requirements for this sector in a manner that will better align financial inclusion and financial integrity policy objectives. Research limitations/implications This paper considers the implementation of AML/CFT obligations of MFIs/MFPs based on existing studies as well as own research relating to compliance and supervisory practices. Further empirical studies to determine for the whole microfinance sector could provide a more granular understanding of crime risks and compliance capacities in the sector. Practical implications AML/CFT regulators in Vietnam can take concrete steps to simplify the AML/CFT due diligence obligations of MFIs/MFPs and support these institutions to formalise and implement appropriate AML/CFT measures. Social implications MFIs/MFPs play a vital socio-economic role by providing financial services to the poor. Appropriate AML/CFT control measures can enable these providers to continue providing these services while strengthening economic formalisation and integrity goals of the government. Originality/value The paper provides novel supervisory perspectives on the AML/CFT regime in relation to MFIs/MFPs.

Physician Reentry into Clinical Practice: Regulatory Challenges

2011 ◽  
Vol 97 (1) ◽  
pp. 10-15 ◽  
Author(s):  
Gretchen P. Kenagy ◽  
Barbara S. Schneidman ◽  
Barbara Barzansky ◽  
Claudette E. Dalton ◽  
Carl A. Sirio ◽  
...  
Keyword(s):  
Clinical Practice ◽  
Empirical Studies ◽  
Clinical Activity ◽  
Central Importance ◽  
Regulatory Policies ◽  
Physician Competence ◽  
Leave Of Absence ◽  
Increasing Demand ◽  
State Medical Boards ◽  
Regulatory Challenges

ABSTRACT Physician reentry to clinical practice is fast becoming recognized as an issue of central importance in discussions about the physician workforce. While there are few empirical studies, existing data show that increasing numbers of physicians take a leave of absence from practice at some point during their careers; this trend is expected to continue. The process of returning to clinical practice is coming under scrutiny due to the public's increasing demand for transparency regarding physician competence. Criteria for medical licensure often do not include an expectation of ongoing clinical activity. Physicians who maintain a license but do not practice for a period of time, therefore, may be reentering the workforce with unknown competency to practice. This paper: (1) presents survey data on current physician reentry policies of state medical boards; (2) discusses the findings from the survey within the context of regulatory challenges that impact physician-reentry; and (3) offers recommendations to facilitate the development of comprehensive, coordinated regulatory policies on physician reentry.

An exploratory empirical study of whistleblowing and whistleblowers

2020 ◽  
Vol 27 (3) ◽  
pp. 755-770
Author(s):  
Maria Krambia-Kapardis
Keyword(s):  
Statistical Analysis ◽  
Design Methodology ◽  
Research Topic ◽  
Due Date ◽  
Content Type ◽  
Unethical Behaviour ◽  
Eu Member States ◽  
European Directive ◽  
Original Survey ◽  
Practical Implications

Purpose The purpose of this study is to develop a profile of whistleblowers and to determine whether whistleblowing legislation would encourage those individuals to bring to light some illegal or unethical behaviour that otherwise would remain in the shadows. Design/methodology/approach Having identified whistleblowing correlation, a survey was carried out in Cyprus of actual whistleblowers and could-have-been whistleblowers. Findings Males between 46 and55 years of age, regardless of whether they have dependents or hold senior positions in organizations are significantly more likely to blow the whistle. However, could-have-been whistleblowers did not go ahead because they felt that the authorities would not act on their information. Research limitations/implications Because of the sensitive nature of the research topic and the fact that only whistleblowers or intended whistleblowers could participate in the study, the sample size is limited as a result. This, in turn, limits both the number of respondents in each category (actual and intended) as well as constrains the statistical analysis that could be carried out on the data. Practical implications It remains to be seen whether EU Member States shall implement the European Directive 2019/1937 on the protection of persons who report breaches of Union Law, in its entirety by the due date, namely December 2021. Originality/value This study provides a literature review of whistleblowing and reports an original survey against the backdrop of the European Directive.

Money laundering through raw diamonds

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fabian Maximilian Johannes Teichmann ◽  
Marie-Christin Falker
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Qualitative Content Analysis ◽  
Law Enforcement Agencies ◽  
Content Type ◽  
Compliance Officers ◽  
German Speaking ◽  
Three Stages ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose This paper aims to illustrate how illegally obtained funds are laundered through raw diamonds in Austria, Germany, Liechtenstein and Switzerland. Design/methodology/approach To identify specific money laundering techniques involving raw diamonds, this study used a qualitative content analysis of data collected from 60 semi-standardized interviews with both criminals and prevention experts and a quantitative survey of 200 compliance officers. Findings Raw diamonds are extraordinarily suitable for money laundering in European German-speaking countries. In particular, they may be used in all three stages of the laundering process, namely, placement, layering and integration. Research limitations/implications Because the qualitative findings are based on semi-standardized interviews, their insights are limited to the perspectives of the 60 interviewees. Practical implications Identifying gaps in existing anti-money laundering mechanisms should provide compliance officers, law enforcement agencies and legislators with valuable insights into how criminals operate. Originality/value While prior studies focus on the methods used by organizations to combat money laundering and how to improve anti-money laundering measures, this paper investigates how money launderers operate to avoid detection, thereby illustrating authentic experiences. Its findings provide valuable insights into the minds of money launderers and combines criminal perspective with that of prevention experts.

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