Publication: IT-Solutions in Money Laundering/Counter Terrorism Financing Risk Assessment in Commercial Banks
Дата
2021
Авторы
Journal Title
Journal ISSN
Volume Title
Издатель
Аннотация
© 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.In accordance with the FATF Recommendations of 2012, countries and their financial units are to manage Money Laundering/Counter Terrorism Financing risk (hereinafter – ML/CTF risk). Such a process consists of the following main steps: risk identification, assessment and mitigation. Besides the document supervises the requirements regarding the efficient use of financial monitoring resources. Commercial banks often face the problem of inadequate identification and assessment due to the lack of true and undistorted information about their clients. For the first, financial monitoring services are considered to be non-profitable in accordance with bank management. As a rule, resources of financial monitoring in commercial banks are rather limited to buy data bases containing identification information about physical and juridical bodies. For the second, sometimes financial institutions (commercial banks in particular) don’t manage to collect enough information about new client without any financial history (for example start-ups or individuals who just open banking accounts for the first time). As a result, lack of information resources affects the quality of ML/CTF risk assessment. The article is devoted to the ways of such problems solution with the use of contemporary IT – systems and technologies. Automatization of these procedures will lead to a significant growth of financial monitoring efficiency in commercial banks and other financial institutions.
Описание
Ключевые слова
Цитирование
Klimova, S. IT-Solutions in Money Laundering/Counter Terrorism Financing Risk Assessment in Commercial Banks / Klimova, S., Grigoryan, A. // Advances in Intelligent Systems and Computing. - 2021. - 1310. - P. 156-164. - 10.1007/978-3-030-65596-9_20