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NCJ Number: 201014 Find in a Library
Title: Can Information Technology Help in the Search for Money Laundering? The Views of Financial Companies
Journal: Crime Prevention and Community Safety: An International Journal  Volume:5  Issue:2  Dated:2003  Pages:39-47
Author(s): Martin Gill; Geoff Taylor
Date Published: 2003
Page Count: 9
Type: Report (Study/Research)
Format: Article
Language: English
Country: United Kingdom
Annotation: This article addresses connections between the information technologies of financial companies and money laundering.
Abstract: Financial companies are required to observe due diligence with respect to their customers in order to prevent financial crimes, and such companies are also required to file a “suspicious transaction report” to the National Criminal Intelligence Service in order to regulate potential financial crimes. Discussing the ways in which transactions may be monitored for assessment, this article summarizes the criteria used to identify potentially suspicious activities, including transactions over a particular amount, those made by particular clients, those made from certain locations and offshore entities, transactions that vary from client profiles, and those which vary from normal account. The article also discusses the use of various software programs to monitor transactions by different types of businesses, and details the use of information technology to monitor transactions based on the size of the institution, in-house processing, and manual transaction making. A discussion of financial companies’ clients’ desires for dedicated anti-money-laundering software systems is also presented. Careful monitoring of information technologies is critical to ensuring that financial crimes such as money laundering are preventable by the financial companies that clients entrust with their business. Notes
Main Term(s): Computer aided investigations; Science and Technology
Index Term(s): Computer abuse; Computer privacy and security; Computer software; Money laundering; United Kingdom (UK)
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