Abstract
Money laundering has immense entailments. The criminal who possesses black money and wants to mask it as legitimate must fabricate the source to look genuine. It makes the crime organized and more systematic to break the financial system. The existing AML (Anti Money Laundering) solutions and its design based on the creation of a transaction profile. Most of the leading AML software focuses on financial transactions and rarely focuses on linked suspicious individual’s social media profiles. Social networking is one of the most popular platforms to interact with others and millions of users use these platforms to communicate with each other from around the world. At the same time, the web has plenty of social and demographic information to create an accurate profile that aims to construct a legitimate profile. This paper consolidates the fragmented discussion from several articles and provides a detailed view of fraud profile identification. Practical insights are identified from various AML solutions and summarized from an extensive literature review. The risk scoring framework and definitions of filters can be widened to include more parameters for effective alert generation. In this paper, we propose an approach and risk scoring framework to assess customer profiles that drive the suspicious profile or transactions based on social media attributes.
Highlights
Money laundering is the process of criminal proceeds for the secrecy of their illicit source of money
Social Media sites such as Facebook, Linkedin, and Tweeter can be utilized as an investigative tool to identify and vet individuals and businesses, determine connections between counterparties and discover criminal involvement (Glass, 2018).To combat this situation, the Anti-money laundering framework needs to be more robust and a combination of transaction profiles with a social media profile may provide additional capability to detect money launderers
The Bank needs to run the AML filter on John Smith‟s information to calculate the risk score based on his financial transactions and social media profile details
Summary
Money laundering is the process of criminal proceeds for the secrecy of their illicit source of money. Social Media sites such as Facebook, Linkedin, and Tweeter can be utilized as an investigative tool to identify and vet individuals and businesses, determine connections between counterparties and discover criminal involvement (Glass, 2018).To combat this situation, the Anti-money laundering framework needs to be more robust and a combination of transaction profiles with a social media profile may provide additional capability to detect money launderers. This new methodology can identify the patterns in social media activities that could indicate a suspicious profile. That will give a more detailed view of other aspects to get an insight into data concerning suspicious transactions
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