Financial Intelligence Research Articles

Artificial Intelligence in SAP S/4HANA: Transforming Enterprise Resource Planning through Intelligent Automation

This comprehensive article investigates the transformative impact of AI-enhanced SAP S/4HANA Finance across healthcare, manufacturing, scientific research, auto, food & Oil &Gas sectors, focusing on human-AI collaboration patterns and implementation outcomes. Through a mixed-methods approach analyzing 15 organizations over 18 months, the research examines how AI integration transforms traditional ERP functionalities into intelligent financial management systems. The article collected data from 450 end-users and 45 key stakeholders, employing both quantitative metrics and qualitative assessments to evaluate implementation patterns, challenges, and success factors. The findings reveal significant improvements across all sectors: healthcare organizations achieved 40% reduction in billing processing time and 15% improvement in collection rates; manufacturing entities realized 35% reduction in unplanned downtime and 22% decrease in working capital requirements; while research institutions demonstrated 45% faster grant processing and 35% improved budget forecasting accuracy. The article introduces the Adaptive Financial Intelligence Framework (AFIF) for conceptualizing human-AI collaboration in financial management, contributing to both theoretical understanding and practical implementation strategies. The article concludes that successful AI integration depends on industry-specific adaptations, comprehensive training programs, and robust governance frameworks while highlighting the critical role of human expertise in maximizing system benefits. These findings provide valuable insights for organizations pursuing AI-enhanced financial management solutions while offering a roadmap for future developments in human-AI collaboration within enterprise systems.

An Exploration of Selected Anti-Money Laundering Role-Players in Zimbabwe

Although Zimbabwe has established several institutions to combat money laundering and related crimes, there is a perception that inadequate measures are taken to apprehend offenders responsible for financial crimes. Institutions such as the Financial Intelligence Unit (FIU), the Zimbabwe Anti-Corruption Commission (ZACC), the Zimbabwe Republic Police (ZRP), the National Prosecuting Authority (NPA) and the Reserve Bank of Zimbabwe (RBZ) have done little to prove that the government of Zimbabwe is resolute in combatting money laundering. On the contrary, it increasingly appears that these institutions are poorly equipped and lack the necessary capacity to enforce and uphold anti-money laundering (AML) measures in Zimbabwe. Further, there appears to be a selective application of the law, with one set of rules for individuals or institutions that are perceived as political adversaries of the incumbent establishment and a different set of rules for the political elite. Consequently, the selective application of the law projects Zimbabwe as a jurisdiction that is somehow tolerant to money laundering, corruption and related financial crimes, thereby lowering and tarnishing the standing of the country in the global economic community of nations. This paper provides a regulatory analysis of the AML role-players in Zimbabwe in order to assess their functions in combatting financial crimes. It also analyses whether these role-players are effective and substantively executing their responsibilities therein. The authors argue that while Zimbabwe is well able to effectively combat money laundering through the even application of the law to all persons regardless of their political or economic standing, it is imperative that its AML institutions operate without fear, favour or prejudice. This is crucial in combatting money laundering and instilling confidence in the general public's perception of AML institutions in Zimbabwe.

Pengaruh Digital Financial Literacy Terhadap Perilaku Keuangan Masyarakat Kota Gresik

Financial literacy can be generally defined as a person's ability to understand, analyze, manage and communicate personal finances. Technological advances can have an impact on people's financial behavior. So financial literacy in this era of sophisticated digital technology and virtualization is very important for society, so digital financial literacy needs to be understood by the public. Digital financial literacy (DFL) is financial literacy in the form of digital financial technology. Demographic factors also influence financial behavior in society. Demographic factors can have an influence because the older you get, the more experience you have, including your financial intelligence, which also increases. This research used a sample of 125 respondents and obtained data from the results of a questionnaire distributed using the Likert scale assessment method. The analysis method uses structuralEquation Modeling Partial Least Square (SEM PLS) analysis. The results of this research conclude that Digital Financial Literacy (DFL) has been proven to have a good and significant effect on the financial behavior of the people of Gresik City. And educational demographics are proven to have a good and significant effect in moderating the influence of DFL on financial behavior.

Deliberation on continuous spread of corruption in South Africa

Corruption is widely spread in South Africa and is against the norms of honestly, morals, values, ethics, and good governance. The reasons of corruption may be individual (personal greed for luxury, power, authority), organisational (inadequate monitoring and evaluation, reporting processes), legislative (no compliance), strategic (lack of ethical culture), to state a few. The study is aimed to find answers to the following guiding research question, such as: what is the extent of corruption in South Africa? The qualitative study utilised secondary sources through the literature review of articles and document review of annual/official reports to gather relevant information. The information was further assessed using document analysis. The findings show that corruption is spreading at every level of government, and even public and private sectors are getting exposed to cases of misconduct. The country has established various legislative frameworks to combat corruption. The objectives of anti-corruption frameworks are operationalised through the establishment of anti-corruption organistaions. Some of them are Corruption Watch; National Anti-Corruption Advisory Council; Financial Intelligence Centre; Organisation Undoing Tax Abuse; and National Anti-Corruption Hotline. The findings show that although there are anti-corruption measures in place, the inadequate compliance may create implementation gaps, hence corruption keeps on spreading at political level, bureaucratic offices, and even in municipalities. The study suggests policy measures to minimise the scope and spread of corruption.

Research on China-Laos Cooperation to Combating Cross-Border Telecom Network Fraud

Telecom network fraud has arisen as a significant transnational crime impacting China and Laos, capitalizing on legal, jurisdictional, and technical discrepancies between the two nations. This paper analyzes the collaborative initiatives between China and Laos to address cross-border telecom network fraud, highlighting significant joint operations carried out from 2016 to 2024. The magnitude of telecom network fraud is shown by the extradition of over 2,500 criminals from Laos to China, which has averted millions of dollars in financial damages via collaborative law enforcement initiatives. The study analyzes significant hurdles, including jurisdictional limitations, technology inadequacies, and political factors that influence the effectiveness of joint operations. This paper proposes improved strategies for real-time digital evidence-sharing, the formation of joint task forces, enhanced financial intelligence monitoring, and expedited extradition processes through the analysis of case studies and ongoing collaborative efforts. By enhancing technological capabilities, offering training, and bolstering political support, China and Laos can establish a more robust framework for addressing telecom network fraud and ensuring regional security.

Leveraging Artificial Intelligence to Combat Money Laundering and Related Crimes in the South African Banking Sector

Abstract Money laundering and related financial crimes, such as fraud and terrorism financing, pose a significant threat to the integrity and stability of South African financial markets. This article explores the application and use of artificial intelligence (AI) to detect and prevent money laundering in South African banking institutions. The implementation of big data technologies, data processing analytics and AI could enhance the detection and prevention of money laundering activities in South Africa's banking sector. AI should be carefully utilised to improve the detection of suspicious activities and the accuracy of financial intelligence, and to combat evolving money laundering techniques. The article also examines the benefits and challenges of implementing AI as an anti-money laundering (AML) measure in the South African banking sector. These include the need for quality data, integration with existing regulatory systems, regulatory compliance and ethical considerations. The article highlights the potential use of AI in transaction monitoring, customer due diligence, outcomes-based risk assessment and the improved detection of suspicious transactions. This could be done by utilising AI to enhance the effectiveness and efficiency of AML measures. The importance of effective coordination between banking institutions, regulatory authorities and law enforcement bodies is also highlighted as a key component of leveraging AI to combat money laundering and related financial crimes in South Africa's banking sector.

Использование финансовой информации в сотрудничестве государств по выявлению и пресечению преступлений

The use of financial information in investigations plays the key role in crime combating. Efficient application of data on financial transactions facilitates identification and prevention of activities of transnational and organized criminal networks. However, limited opportunities of law enforcement authorities and the absence of access to centralized bank account registers can hinder such investigations. Enhancement of international cooperation and information exchange between law enforcement authorities and financial intelligence units (FIUs) can substantially increase the efficiency of investigations. Such cooperation includes training and professional development of employees (it is critically important to teach them contemporary financial data analysis methods and how to use cutting-edge technologies), development of new technologies. Innovative instruments of analysis of financial information are required for timely and accurate identification of criminal acts. Creation of flexible mechanisms of access to information requires development of international data exchange systems, which will enable law enforcement authorities to receive information on bank accounts without delay.

An Overview of the Roles and Functions of Selected Financial Role Players to Protect Financial Stability and Promote Market Integrity in South Africa

The South African Reserve Bank (SARB) and other financial role players such as the Prudential Authority (PA), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the Financial Intelligence Centre (FIC), the Financial Stability Oversight Committee (FSOC), the Financial Sector Contingency Forum (FSCF), the Financial Sector Council of Regulators (FSCR) and the Financial Sector Inter-Ministerial Council (FSIC) play a significant role in the protection and promotion of financial stability and market integrity in South Africa. The SARB has the primary financial stability mandate, whilst the FSCA was established to primarily promote market integrity and enhance market efficiency through protecting and promoting the fair treatment of financial customers and promoting financial literacy programs. As technology advances and new players enter the market, traditional financial institutions are faced with increased competition and the need to adapt and innovate to stay relevant. In this regard, regulatory frameworks and the functions of regulatory bodies should be constantly reviewed to conform to financial technology (fintech) developments and safeguard consumer interests. This article examines the roles and functions of the aforementioned financial role players as regulated by the Financial Sector Regulation Act (FSR Act) and other relevant financial sector laws. This is done to evaluate the effectiveness of their roles and functions to protect and promote financial stability and market integrity in line with fintech and Artificial Intelligence (AI) developments. The paper also evaluates the importance of cooperation and collaboration between the financial role players to fulfil their roles and functions.

Enhancing Sharia Assets Among the Youth Through Financial Intelligence

Enhancing Sharia Assets Among the Youth Through Financial Intelligence

Application of International Law in Tackling Money Laundering

Money laundering has become a complex and challenging global issue, this complexity is compounded by its cross-border nature, which demands effective international cooperation in its handling and the application of international law to be key to comprehensively combating trafficking and preventing the proliferation of proceeds of crime. International law related to trafficking has evolved rapidly in recent decades. Beginning with the 1988 Vienna Convention on Psychotropic Drugs and Psychotropic Substances, various international legal instruments have been formulated to define trafficking, criminalize its perpetrators, and strengthen cooperation between states. For example the United Nations Convention Against Transnational Organized Crime (Palermo Convention) of 2000 and Recommendation 40 of the FATF, In 2022, the Center for Financial Transaction Reporting and Analysis (PPATK) fully disclosed the amount of Money Laundering (TPPU) which reached IDR 183.88 trillion. Indonesia has ratified various international legal instruments related to TPPU and implemented them in national regulations. Law Number 23 of 2003 concerning Money Laundering and Terrorism Financing is the main legal basis in Indonesia. PPATK, as a UIF (Financial Intelligence Unit), plays an important role in collecting, analyzing, and disseminating information related to TPPU to relevant authorities.

The role of financial intelligence in improving credit risk management in the Iraqi banking sector (Islamic taifib Bank as a model)

The role of financial intelligence in improving credit risk management in the Iraqi banking sector (Islamic taifib Bank as a model)

Kecerdasan Intelektual, Kecerdasan Spiritual, dan Kecerdasan Finansial Terhadap Pemahaman Akuntansi Mahasiswa di Universitas Sarjanawiyata Tamansiswa

This study aims to prove the influence of intellectual intelligence, spiritual intelligence and financial intelligence on the understanding of accounting students at Sarjanawiyata Tamansiswa University. the theory of planned behavior is used to test the relationship between each variable, namely the independent and dependent variables. The method used in this research is a quantitative research method. The number of respondents used in this study were 155 respondents who were taken using the purposive sampling technique for accounting students at Sarjanawiyata Tamansiswa University. The test used in the study is the validity test, the reliability test is used for the feasibility questionnaire. Data analysis techniques used in this study are descriptive statistical tests, classical assumption tests and hypothesis test. The results of this study indicate that intellectual intelligence, spiritual intelligence and financial intelligence have a positive and significant effect on understanding accounting. This research contributes to providing a reference for increasing students' understanding of accounting through the levels of intellectual intelligence, spiritual intelligence and financial intelligence.

ПРАВОВЕ РЕГУЛЮВАННЯ ФІНАНСОВОЇ РОЗВІДКИ ПІДПРИЄМСТВ В УМОВАХ ПОСИЛЕННЯ ВПЛИВУ ЧИННИКІВ СУЧАСНОСТІ

The purpose of the article is to study the peculiarities and problematic aspects of the legal regulation of financial intelligence of enterprises in the conditions of increasing influence of modern factors. Based on the results of the conducted research, it was established that at the current stage of the functioning of the national legal system, the organizational and legal mechanisms for regulating financial intelligence at the enterprise level are weak and require revision, improvement and strengthening. It was established that when considering financial intelligence at the enterprise level, the main emphasis is placed on its structural component, such as competitive intelligence. The ambiguity and specificity of the legal basis for the regulation of financial intelligence of enterprises have been revealed, the main difference of which is the formation of legal norms in interdependence with the peculiarities of the country's legal system and its affiliation to the Anglo-Saxon or Romano-Germanic legal system. It has been proven that the financial intelligence system functions successfully at such well-known global companies as Procter & Gamble and Motorola. The main problems of the introduction and implementation of intelligence activities at enterprises were identified, most of which are due to the insufficient number and inefficiency of the management of information, labour and technological resources of the economic entity. The main vectors of improving the legal regulation of financial intelligence of enterprises in the conditions of increasing influence of modern factors are proposed, in particular: (1) the urgency and necessity of implementing the legislative regulation of the economic and legal category "financial intelligence of an enterprise" is substantiated; (2) the necessity of enshrining at the legislative level the basic organizational and legal principles of increasing responsibility for committing acts related to the unauthorized receipt, use and transfer of information at the enterprise has been proven.

Assessing the Multifaceted Impact of Artificial Intelligence on Financial Intelligence

This research focuses on the influence of simulated intelligence on people’s financial knowledge, emphasizing the aspects of risk evaluation, outcome evaluation, network security, and global collaboration. It presents the scenarios and the use of man-thinking (artificial intelligence) techniques such as AI information science, and NLP to solve the worldwide financial crises. Firstly, the introductory part of the review sets the background of monetary emergencies. Then, it proceeds with the evaluation of current monetary knowledge techniques and the administrative planning for simulated intelligence in finance. The organization in the process of creating a money policy is characterized by moral implications, human-computer-based intelligence joint effort, and contextual analysis. The study also touches on AI-driven risk assessment, stating that AI makes it easier to identify risks in real time. The study, which focuses on the case study of the UCLA Computer Science Department, through continuous monitoring, cybersecurity measures, and the comprehensive examination of AI's role in reshaping financial management, emphasizes. Lastly, the research shows that AI can be the base of the financial ecosystem which can be more adaptable, efficient, and secure, giving valuable info to the academics, the professionals in the industry, and the policymakers.

The tale of the Baltics: Experiences, challenges, and lessons from reforming their national Financial Intelligence Units (FIUs)

The banking sector of three Baltic countries, i.e., Lithuania, Latvia and Estonia, was abused by money laundering scandals between 2018 and 2020. The Danske Bank scandal was the largest one and, combined with the other scandals, inevitably triggered a heavy critique of national anti-money laundering (AML) frameworks that govern the supervision of banking sectors. At the European Union (EU) level, weak mechanisms to ensure the EU-wide supervisory consistency, were also identified. As a result of detected flaws, a new body called The Anti-Money Laundering Authority (AMLA) will be established in the EU as of 2027.This context provides an opportunity to scrutinize the rationale behind AMLA’s establishment, by examining the role that the Baltic countries’ Financial Intelligence Units (FIUs) fulfill in financial surveillance, and the scope of AML reforms that took place in the aftermath of those banking scandals. Could those scandals have been prevented by national FIUs and their supervisory bodies? Whether one Baltic model of FIU exists or rather three different national models are visible? Can AMLA fulfill its mandate without relying on the work carried out by national FIUs and supervisory bodies?Based on extensive interviews with the representatives of the three Baltic FIUs, their supervisory authorities, and content analysis of publicly available sources, this paper offers a unique insight into idiosyncratic characteristics of the Lithuanian, Latvian and Estonian FIUs modus operandi. The findings are that each Baltic FIU was confronted with its own set of problems affecting the fulfillment of these agencies’ statutory duties. However, significant “grass-root” reforms of the AML national frameworks in each Baltic country have already been undertaken.11AML Anti-Money LaunderingBL Bank of LithuaniaCFT Combating Financing of TerrorismEU European UnionAMLA Anti-Mooney Laundering AuthorityECB European Central BankLEA Law-Enforcement AuthorityFIU Financial intelligence unitGDP Gross Domestic ProductFL Finance LatviaPPP Public-Private PartnershipSTR Suspicious Activity ReportUTR Unusual Transaction Report

The role and importance of financial intelligence in identifying and tracing criminal assets

The paper examines the basic principles of improving efficiency and providing law enforcement officers, as well as authorized bodies, in whose management the seized property is transferred, with instructions on the legal grounds, procedural and tactical features of detection, search and seizure of property. It was determined that financial intelligence is a complex system aimed at detecting operations related to the legalization of proceeds obtained through crime. This system can act as a component of the pre-trial investigation in criminal proceedings related to the research. Asset search activities should include elements of economic and monetary intelligence. It has been established that in Ukraine, the State Financial Monitoring Service, subordinate to the Ministry of Finance of Ukraine, is entrusted with the functions of financial intelligence, which implements the state policy in the field of prevention and countermeasures against the legalization (laundering) of proceeds obtained through crime, the financing of terrorism, and the proliferation of weapons of mass destruction. It is argued that financial intelligence is not a function of the National Agency of Ukraine for detection, search and management of assets obtained from corruption and other crimes. In turn, the DSFM collects, processes and analyzes information on financial transactions subject to mandatory financial monitoring and other transactions related to money laundering. It was investigated that the bodies of foreign countries are similar: Financial Crimes Enforcement Network (FinCEN) - the US financial intelligence agency; Financial Transactions and Reports Analysis Center (FINTRAC), Canada's financial intelligence agency; Zentralstelle für Verdachtsanzeigen – German financial intelligence agency; TRACFIN – financial intelligence unit of the French Republic; The Inland Revenue Service NCIS/ECU is the UK's financial intelligence agency. Having analyzed the relevant legislation of ARMA and the State Financial Monitoring Service, we come to the conclusion that the terms "asset discovery" and "asset search" are explicitly defined at the legislative level only for ARMA. The profile legislation of the State Financial Monitoring Service does not reflect or explain the essence of these terms, however, in the course of implementing measures to prevent and counter the legalization (laundering) of proceeds obtained through crime, the State Financial Monitoring Service conducts financial investigations with the aim of finding information about the assets of questionable origin.

A research on the Italian fiscal shell companies turnover

Purpose The purpose of this paper is to study the turnover of Italian shell companies (SCs)/missing traders used for tax crimes, a predicate offence of money laundering. This research could be useful for Italian obliged entities to the Anti-Money Laundering Law to detect and report SCs, as soon as possible, to the Financial Intelligence Unit for Italy. Design/methodology/approach The author uses a sample of 32 SCs that are present in the Third Penal Section of the Italian Supreme Court in the period 2018–2020, involved in tax crimes and that have presented their balance sheets for two or more years. For SCs, the author computes the averages for: the turnover growth rate from first and the maximum turnover; the years between these two values; and the years in which SCs are active. Moreover, the author verifies if SCs are similar in terms of turnover by studying the relationship between the turnover growth rate and the first turnover and the reduction of turnover standard deviations. Findings SCs growth is very high and they reach, on average, their peak in less than three years; SCs are active, on average, for about four years; eventually, SCs exhibit a convergence process in turnover levels. Originality/value To the best of the author’s knowledge, there are no studies that analyse the SC turnover.

Practice and Reflection on the Transformation of Performance-Oriented Higher Education Financial Digitization Platform

The realization of performance-oriented transformation of financial intelligence in universities is an inevitable choice for universities to achieve high-quality education in the new era. How to achieve deep integration of university finance and intelligence transformation based on performance, and how to optimize the allocation of university resources based on the construction of intelligent platforms, are issues that need to be studied at the current stage. This paper first introduces the background of performance-oriented transformation of financial intelligence in universities, revealing the practical background of this research. Then, it starts with the connotation and significance of performance-oriented financial intelligence transformation, focusing on the system architecture of financial intelligence transformation in universities. It elaborates on the system architecture of financial intelligence transformation from four aspects: budgeting, execution, monitoring, and evaluation. Furthermore, platform design is conducted based on this, specifically introducing the construction of three major modules of the university intelligence platform: financial service system, financial data exchange center, and financial decision system. Finally, this paper puts forward some suggestions for the intelligent transformation of university finance.

Criminality With Real Estate in Kosovo

Criminality with real estates can be expressed in different forms, such as through: "money laundering", corruption, fraud, usurpation of immovable properties, falsification of ownership documentation, which is of particular importance in the field of immovable property turnover, etc. In Kosovo, the "dark number" and the "gray number" are present at a high level of organized crime in the field of real estate turnover and despite the preventive and repressive measures that have been undertaken in Kosovo, focusing on strengthening the institutions of justice system (prosecutor, police, judiciary, financial intelligence services, etc.), in order to prevent and fight this type of criminality, the success achieved in this aspect is still insufficient. For this reason, public confidence is weak regarding the results achieved in the fight against organized crime in the field of real estate turnover in Kosovo.

Circulating knowledge through disparate practices: the global pursuit of terrorist financing by Financial Intelligence Units (FIUs)

ABSTRACT Standardization and harmonization are widely studied by scholars of Science and Technology Studies (STS) to understand how knowledge and things circulate across geographies, yet it often remains unclear what these terms exactly refer to. In dictionaries, they are generally defined as actions or processes aimed at achieving uniformity, similarity, or alignment. In STS literature, it is often assumed that when a practice is (un)successfully standardized or harmonized, the circulation of knowledge and things across distance and difference is made (im)possible. However, it is questionable whether the geographical circulation of things and knowledge is necessarily enabled by the uniformity of practices. When analyzing the global exchange of financial intelligence, a different picture emerges, whereby the coordination of security operations and the exchange of financial intelligence are actually enabled by disparate quantification practices. Financial Intelligence Units (FIUs) – governmental organizations that globally exchange financial intelligence for combatting money laundering and terrorist financing – are geographically scattered and very different in nature, each constructing security threats such as terrorism or terrorist financing uniquely. Yet through their complex quantification practices, they make coordination possible while persisting in maintaining differences, without relying on an increasingly uniform and universal sameness of practices. For FIUs, quantification practices, even though differently practiced, generate a shared domain with its own transnational, depoliticized, and highly technical proxy grammar that makes it possible to work beyond and background otherwise incommensurable issues.