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 push above the din and in transparent notes give a contribution in a positive demeanour to the controversy. This paintings isn't just an clever dialogue of some of the noticeable matters in terms of the keep an eye on of cash laundering, yet greatly extra. Drawing on platforms conception and seeing the keep an eye on of cash laundering quite from the perspective of know-how as advanced and crucial to the correct and powerful operation of monetary associations, the writer addresses in a singular and sensible approach the layout and administration of hazard established compliance. the idea is validated, not just by way of plausible know-how, but additionally in an exact case examine regarding actual concerns in a financial institution. for that reason, these eager about the formula of coverage, the layout of controls and techniques and the implementation of such will locate the contribution that this ebook makes of significant significance.' - Barry Rider, Bryan Cave LLP, united kingdom
`This publication avoids the standard catch of interminably directory AML warfare tales. in its place Dr. Demetis provides a fantastic theoretical origin for AML learn and perform. He offers a damning critique of ways so-called technological suggestions are used uncritically by means of a few AML pros, and analyses the risk-based technique, describing its difficulties and methods of warding off them. He offers a desirable in-depth case research of a bank, and a quick case of a financial institution utilizing expertise to enhance its actual optimistic fee considerably to 17 according to cent.' - Ian Angell, London university of Economics, united kingdom
`Dr Demetis makes a superb contribution to our figuring out of anti-money laundering at either a structures and functional point. [He] writes as an individual who not just thinks deeply approximately those matters yet, because the in-depth case examples exhibit, has attempted to determine how a long way know-how can tackle a few audacious pursuits. Readers will examine that whereas risk-based ways to anti-money laundering were an engaging regulatory improvement, functional implementation, regardless of the hype of expertise proprietors, is "still at a primordial state".' - Michael Mainelli, Gresham university and Z/YEN workforce, united kingdom
This insightful ebook examines the effect of data platforms on anti-money laundering (AML). It builds on platforms thought so one can improve a coherent theoretical framework that may be used for AML learn.
By utilizing a case examine of a tremendous bank within the EU-area, a few technological impacts on AML are deconstructed and are used to envision the position that expertise performs inside AML. The publication presents a platforms theoretical description of the consequences of know-how on AML and provides issues at the risk-based procedure - an important modern evolution inside of regulatory projects on AML and terrorism financing.
Technology and Anti-Money Laundering will entice researchers of monetary crime and AML in addition to these attracted to details structures and structures idea. a couple of 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 massive data-mining software. cash Laundering Reporting officials (MLROs) in monetary associations and valuable bankers also will locate a lot of curiosity during this publication.
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`While there's a lot noise in regards to the keep watch over 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 optimistic demeanour to the controversy. This paintings isn't just an clever dialogue of a number of the substantive concerns with regards to the keep an eye on of cash laundering, yet greatly extra.
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Extra info for Technology and Anti-Money Laundering: A Systems Theory and Risk-Based Approach
ST, therefore, is considerably detached from any cause-and-effect relationships that often undermine and decontextualize the importance of the observer. Instead, ST tries to describe the problem domain as viewed by an observer, and ultimately describe the significance and interdependencies of complex processes within the system. In this manner, considerable insights can be gained by using the theory, but most importantly, increased vigilance can be achieved by looking into the systemic complications and implications that are entailed in decision-making processes (at any observer-level, such as regulatory initiatives), whether they involve technology or not.
Dominance of the term ‘risk-based approach’, which includes a tremendous number of ambiguities, will be analysed in Chapter 6 of this book after both the theoretical treatise on systems theory is presented and the findings from the case study outlined. While this initiative has been amended in part by Directive 2008/20/ EC, these changes are not considered significant enough to be discussed as a separate section here. If there are any implications stemming from these changes, they will be discussed within the scope of Chapter 6.
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).
Technology and Anti-Money Laundering: A Systems Theory and Risk-Based Approach by Dionysios S. Demetis