Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/31354
Title: Processes and technologies for identifying illegal financial operations
Authors: Budik, Josef
Schlossberger, Otakar
Keywords: Banks and banking
Commercial crimes
Bank examination
Issue Date: 2015
Publisher: Eleftherios Thalassinos
Citation: Budik, J., & Schlossberger, O. (2015). Processes and technologies for identifying illegal financial operations. International Journal of Economics & Business Administration, 3(2), 22-31.
Abstract: The aim of the paper is to discuss law requirements and computer technology related to the processes carried out at identifying clients of banks and other financial institutions. Customer identification is an essential element of an effective customer due diligence programme which banks need to put in place to guard against reputational, operational, legal and other risks. There are mentioned in the paper the law requires that identification must be carried out inside any financial institution which negotiates the new account with the client. The paper describes several approaches to identification. Various scientific and research results are available in printed information. It shows that the illegal operations of clients in these days usually identify bank employees. Communication technologies and computer equipment however has developed so much, and therefore computers could play a new role in money laundering. Illegal operations could currently be detected by a computer. Rapid development of banking technology has changed the way banking activities are dealt with. In conclusion, the present text identifies some problems that lie ahead of financial market in connection with a huge flow of money from black market economies. The paper has been prepared within the project "Current trends in development of financial markets", supported by the Institutional support for long-term strategic development of research organization University of Finance and Administration in 2016.
URI: https://www.um.edu.mt/library/oar//handle/123456789/31354
ISSN: 23817356
Appears in Collections:IJEBA, Volume 3, Issue 2

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