scholarly journals Can artificial intelligence, RegTech and CharityTech provide effective solutions for anti-money laundering and counter-terror financing initiatives in charitable fundraising

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Charanjit Singh ◽  
Wangwei Lin
Keyword(s):  
Artificial Intelligence ◽  
Money Laundering ◽  
Design Methodology ◽  
Regulatory Compliance ◽  
Law Firms ◽  
International Regulation ◽  
Content Type ◽  
Technological Advances ◽  
The Subject ◽  
The Uk

Purpose Artificial intelligence has had a major impact on organisations from Banking through to Law Firms. The rate at which technology has developed in terms of tasks that are complex, technical and time-consuming has been astounding. The purpose of this paper is to explore the solutions that AI, RegTech and CharityTech provide to charities in navigating the vast amount of anti-money laundering and counter-terror finance legislation in the UK; so that they comply with the requirements and mitigate the potential risk they face but also develop a more coherent and streamlined set of actions. Design/methodology/approach The subject is approached through the analysis of data, literature and, domestic and international regulation. The first part of the paper explores the current obligations and risks charities face, these are then, in the second part, set against the examination of potential technological solutions as of August 2020. Findings It is suggested that charities underestimate the importance of the nature and size of the threat posed to them, this is significant, as demonstrated, given the growing size and impact of the sector. Technological solutions are suggested to combat the issues charities face. Originality/value The study is original because it is the first to create the notion of CharityTech and to specifically explore what technological advances can assist charities in meeting the regulatory compliance challenge.

scholarly journals Can machine learning, as a RegTech compliance tool, lighten the regulatory burden for charitable organisations in the United Kingdom?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Charanjit Singh ◽  
Lei Zhao ◽  
Wangwei Lin ◽  
Zhen Ye
Keyword(s):  
Machine Learning ◽  
Design Methodology ◽  
Action Plan ◽  
Regulatory Compliance ◽  
International Regulation ◽  
Content Type ◽  
Regulatory Burden ◽  
The United Kingdom ◽  
The Subject ◽  
The Uk

Purpose Machine learning is having a major impact on banking, law and other organisations. The speed with which this technology is developing to undertake tasks that are not only complex and technical but also time-consuming and that are subject to constantly changing parameters is astounding. The purpose of this paper is to explore the extent to which machine learning can be used as a solution to lighten the compliance and regulatory burden on charitable organisations in the UK; so that they can comply with their regulatory duties and develop a coherent and streamlined action plan in relation to technological investment. Design/methodology/approach The subject is approached through the analysis of data, literature and domestic and international regulation. The first part of the study summarises the extent of current regulatory obligations faced by charities, these are then, in the second part, set against the potential technological solutions provided by machine learning as of July 2021. Findings It is suggested that charities can use machine learning as a smart technological solution to ease the regulatory burden they face in a growing and impactful sector. Originality/value The work is original because it is the first to specifically explore how machine learning as a technological advance can assist charities in meeting the regulatory compliance challenge.

Autonomous vehicles: a review of the ethical, social and economic implications of the AI revolution

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shweta Banerjee
Keyword(s):  
Artificial Intelligence ◽  
Autonomous Vehicles ◽  
Design Methodology ◽  
Technological Advancement ◽  
Economic Implications ◽  
Content Type ◽  
The Public ◽  
Autonomous Cars ◽  
The Subject ◽  
Practical Implications

PurposeThere are ethical, legal, social and economic arguments surrounding the subject of autonomous vehicles. This paper aims to discuss some of the arguments to communicate one of the current issues in the rising field of artificial intelligence.Design/methodology/approachMaking use of widely available literature that the author has read and summarised showcasing her viewpoints, the author shows that technology is progressing every day. Artificial intelligence and machine learning are at the forefront of technological advancement today. The manufacture and innovation of new machines have revolutionised our lives and resulted in a world where we are becoming increasingly dependent on artificial intelligence.FindingsTechnology might appear to be getting out of hand, but it can be effectively used to transform lives and convenience.Research limitations/implicationsFrom robotics to autonomous vehicles, countless technologies have and will continue to make the lives of individuals much easier. But, with these advancements also comes something called “future shock”.Practical implicationsFuture shock is the state of being unable to keep up with rapid social or technological change. As a result, the topic of artificial intelligence, and thus autonomous cars, is highly debated.Social implicationsThe study will be of interest to researchers, academics and the public in general. It will encourage further thinking.Originality/valueThis is an original piece of writing informed by reading several current pieces. The study has not been submitted elsewhere.

Beyond placement, layering and integration – the perception of trade-based money laundering risk in UK financial services

2019 ◽  
Vol 22 (4) ◽  
pp. 614-625 ◽  
Author(s):  
Mario Menz
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Design Methodology ◽  
Banking Sector ◽  
Trade Finance ◽  
Content Type ◽  
Proceeds Of Crime ◽  
The Uk ◽  
Practical Implications ◽  
Insight Into

Purpose The purpose of this study was to investigate the perception of trade-based money laundering in Letters of Credit (“L/C”) transactions among trade finance practitioners in the UK banking sector and to compare it to the perception of the same risk by the Financial Conduct Authority (“FCA”), the regulator of the UK’s banking sector. Design/methodology A survey was used to carry out research among financial services professionals engaged in trade finance in the UK. Findings This paper contributes to the existing literature in a number of ways. First, it investigates the perception of trade-based money laundering risk from the perspective of financial services professionals, which has not previously been done. Second, it argues that the perception of trade-based money laundering in financial services is overly focussed on placement, layering and integration, and that the full extent of the offence under the Proceeds of Crime Act 2002 is less well known. It further found that financial services firms need to improve their understanding of the nature of trade-based money laundering under UK law. Practical implications This study argues that the financial services sector’s perception of trade-based money laundering risk in trade finance is underdeveloped and makes suggestions on how to improve it. Originality/value It provided unique insight into the perception of trade-based money laundering risk among financial services professionals.

Follow the money to achieve success: achievable or aspirational

2017 ◽  
Vol 24 (3) ◽  
pp. 425-436 ◽  
Author(s):  
Nicholas Alan McTaggart
Keyword(s):  
Law Enforcement ◽  
Literature Review ◽  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Organised Crime ◽  
Economic Crime ◽  
Content Type ◽  
Terrorist Financing ◽  
The Subject

Purpose The purpose of this paper is to highlight the extent to which organised crime and the environment have altered in relation to money laundering and terrorist financing and to explore whether strategies to “follow the money” have been successful. Design/methodology/approach This paper is based on personal analysis and involvement as a practitioner in law enforcement and includes a broad literature review on the subject of terrorist financing and money laundering. Findings Money laundering, terrorist financing and economic crime activity are being disguised in the “noise” of business by specialists that have become very adept at their craft. Financial institutions and lawmakers have invested heavily in countering money laundering and terrorist financing. However, its real effectiveness is somewhat doubtful. Originality/value This paper serves to stimulate further discussion and research on how all actors can increase collaboration and co-operation to increase the effectiveness of disruption strategies associated with these classes of crime.

Illicit finance and money laundering trends in Eurasia

2019 ◽  
Vol 22 (2) ◽  
pp. 388-399 ◽  
Author(s):  
Stefan Cassella
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Design Methodology ◽  
Common Elements ◽  
Content Type ◽  
Western Countries ◽  
The World ◽  
Beneficial Ownership ◽  
The Usa ◽  
The Uk

Purpose The purpose of this paper is to review recent examples of sophisticated money laundering operations involving financial institutions in Eurasia, including Russia and Moldova, and the resulting flow of licit and illicit capital from that part of the world to the UK, the USA, and other Western countries. Design/methodology/approach Relying on materials from publicly available sources, the study uses several case studies to illustrate various money laundering methods with a view toward identifying common elements and aspects of the schemes that might be considered new or innovative. Findings In particular, the study examines the roles that lax anti-money laundering compliance by financial institutions and the use of shell corporations designed to conceal the beneficial ownership of the companies and their assets have played in virtually all of the money laundering schemes. Originality/value The paper discusses the risks that these emerging money laundering methods pose to Western countries and their financial institutions and the approaches that governments might take to minimize those risks and raise the barriers for the laundering of illicit funds within their jurisdictions.

Anti-money laundering regimes: a comparison between Germany, Switzerland and the UK with a focus on the crypto business

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Christoph Wronka
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Qualitative Data ◽  
Financial Systems ◽  
Content Type ◽  
The Uk ◽  
Existing Data

Purpose This paper aims to examine the framework for the regulation of crypto assets in Germany, the UK and Switzerland focusing on anti-money laundering (AML) laws. It comprehensively addresses the risks of crypto assets and the benefits along with the changes made to the existing laws to regulate cryptocurrency. Design/methodology/approach Qualitative data was analyzed to collect information for the case study and to challenge/examine the existing data and statistics. Findings The findings suggested that the AML laws are additionally modified to include the cryptocurrencies violations of the legislation, as it is the decentralized financial systems generating opportunities for crimes and terror financing. The moderate or mild laws were found in Switzerland following Germany and the UK has the most traditional and stringent laws of money laundering. Originality/value The paper has focused on the comparison of the three states in their AML laws comprehensively along with their attitude toward the crypto businesses.

The financial action taskforce and money laundering: critical analysis of the Panama papers and the role of the United Kingdom

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aisha Hassan Al-Emadi
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Task Force ◽  
Content Type ◽  
The United Kingdom ◽  
Rapid Changes ◽  
Financial Action Task ◽  
The Uk ◽  
Desk Review

Purpose This paper aims to study the effectiveness of the implementation of the Financial Action Task Force (FATF) recommendations in the UK in an attempt to combat the laundering of proceeds of corruption. Design/methodology/approach A desk review of secondary resources was conducted to analyze available literature to examine the research topic. Findings The leakage of 11.5 million documents, known as the Panama papers, has revealed that the UK functioned as a safe haven for illicit and corrupt money. In an attempt to address this, the country called for a public registry of beneficial owners to disclose the identities of the owners of the incorporated corporations and to extend them to individuals abroad holding UK property. The FATF report recognizes the UK’s far-reaching regulation. Despite the measures taken, UK still faces serious risks with regard to the laundering of criminal proceeds, which demonstrates that technical compliance with FATF rules is not enough to effectively curb money laundering. Originality/value This study suggests that FATF rules’ effectiveness in identifying instances of laundering the proceeds of corruption is limited because of the deeply rooted system vulnerabilities and the rapid changes in money laundering trends.

ISO 15489 Records Management: its development and significance

2010 ◽  
Vol 20 (1) ◽  
pp. 96-103 ◽  
Author(s):  
Susan Healy
Keyword(s):  
Design Methodology ◽  
Good Practice ◽  
Records Management ◽  
International Level ◽  
Content Type ◽  
The Subject ◽  
The Uk

PurposeThe purpose of this paper is to describe the process of producing ISO 15489 Records Management, and to explore some of the professional and other issues that arise for consideration at an international level.Design/methodology/approachThe process of producing ISO 15489 Records Management is described, along with some of the thinking behind that process,FindingsIn one sense, the contents of ISO 15489 are less important than its existence. The fact that records managers can point to an ISO/BSI Standard for their discipline can be used to improve the image and status of records management in the eyes of those who know little or nothing of the subject. The Standard is a statement of good practice in records management. It is also something that can be passed to professionals in other fields when working on projects together. Also, the internationalising process has made the Standard more suitable than AS 4390 for the UK environment.Originality/valueThe paper identifies some of the benefits of the Standard for records management in the UK.

scholarly journals Great expectations but little evidence: policing money laundering

2017 ◽  
Vol 37 (7/8) ◽  
pp. 477-490 ◽  
Author(s):  
Antoinette Verhage
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Due Process ◽  
Great Expectations ◽  
Content Type ◽  
Cross Border ◽  
Compliance Officers ◽  
The Subject ◽  
Compliance Officer ◽  
Practical Implications

Purpose The purpose of this paper is to map anti-money laundering policy and its impact on money laundering. The AML system is discussed from the perspective of the compliance officer, who is responsible for translating AML law into practice in Belgian banks. Design/methodology/approach Literature review, based largely on a PhD study (2009) that involved a survey and interviews. Additionally, 12 compliance officers were interviewed in 2015. Findings The global AML system impacts significantly on issues of privacy and due process but has not yet been evaluated. The system’s preventive effect is difficult to measure because of a lack of (cross-border) information. The way in which Risks are currently managed in diverse ways. Research limitations/implications Results from the first study in 2009 (based on interviews in 2007-2008) were potentially outdated. This recent update (2015) confirms that compliance officers are still dealing with the same issues. Practical implications The study clarifies the ways in which compliance and AML is dealt with and mapped, providing insights into an often closed setting. Social implications The battle against money laundering is very costly and intrusive, making the need for stringent evaluation more pressing. Originality/value The study is both original and valuable because compliance officers have rarely been the subject of research. The study discloses useful information about their role.

Suing the banks for financing terror: a case study of Linde v. Arab Bank

2019 ◽  
Vol 22 (4) ◽  
pp. 858-867
Author(s):  
Joseph Wilfrido Rivera
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
Terrorist Attack ◽  
Legal Cases ◽  
Content Type ◽  
Terrorist Financing ◽  
Academic Paper ◽  
The Subject ◽  
Do So

Purpose This paper aims to attempt to tie in specific events into the case of Linde v. Arab Bank to provide a greater context. This case is the first where a US court held a bank civilly liable for providing financial support to a terrorist organization, but to do so, the court had to decide on several factors, involving as follows: the application of the anti-terrorism act; the sufficiency of evidence; and the causation of the plaintiffs’ damages. Design/methodology/approach This paper is a case study of Linde v. Arab Bank. It also takes an in-depth view of one particular terrorist attack that was alleged to have been financed by Arab Bank PLC. This paper reviewed similar legal cases, law review articles on the subject, congressional and government reports, congressional testimony and open source news involving the case and the terrorist incidents involved. Findings The court, in this case, ruled in favor of holding Arab Bank liable for money laundering and terrorist financing, which allowed American families to sue the bank for the loss of their loved ones. Originality/value This paper focuses on a unique issue involved in money laundering and terrorist financing. It is not fully a legal paper or a traditional academic paper. It is also unique in that case studies are rare in criminal justice and criminology journals.

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