Electronic Money Laundering, The Dark Side of Fintech: An Overview of the Most Recent Cases

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dc.contributor.authorFaccia, Alessio
dc.contributor.authorMoçteanu, Narcisa Roxana
dc.contributor.authorCavaliere, Luigi Pio Leonardo
dc.contributor.authorMataruna-Dos-Santos, Leonardo Jose
dc.date.accessioned2021-01-14T08:02:38Z
dc.date.available2021-01-14T08:02:38Z
dc.date.copyright© 2020
dc.date.issued2020-09-16
dc.descriptionThis article is not available at CUD collection. The version of scholarly record of this article is published in Proceedings of the 2020 12th International Conference on Information Management and Engineering (2020), available online at: https://doi-org.ezp.cud.ac.ae/10.1145/3430279.3430284en_US
dc.description.abstractFintech has significantly expanded the offer of financial services available to users, facilitating the spread of new financing, payment and exchange services in increasingly large sections of the population. However, there is a downside, represented by the lack of organic regulation that defines the perimeter of legality. World legislators, Europeans in particular, have started building a structured legal framework and to prevent (or to catch) opportunistic or criminal behaviors. Among the unavoidable challenges for the anti-money laundering system are those related to the development of FinTech which produces significant volumes of transactions. In this paper it is provided a systematic review of a) the most common money laundering patterns; b) the European anti-money laundering legal framework, and c) the most recent and relevant fraud cases detected by the enforcements agencies. The main objective of this research is to verify whether the behavior of economic players within the FinTech sector can be contained within the limits of legality. Another objective, far from secondary, is to analyze the current patterns that lead to money laundering, also verifying whether there are tools, within the FinTech itself, capable of exploiting technologies and identifying dark or illegal practices. The recent case study of scandals within the FinTech industry further helps to support the hypotheses and conclusions of the research itself. © 2020 ACM.en_US
dc.identifier.citationFaccia, A., Moçteanu, N. R., Cavaliere, L. P. L., & Mataruna-Dos-Santos, L. J. (2020). Electronic Money Laundering, The Dark Side of Fintech: An Overview of the Most Recent Cases. In Proceedings of the 2020 12th International Conference on Information Management and Engineering (pp. 29-34). https://doi-org.ezp.cud.ac.ae/10.1145/3430279.3430284en_US
dc.identifier.issn978-145038752-1
dc.identifier.urihttps://doi-org.ezp.cud.ac.ae/10.1145/3430279.3430284
dc.identifier.urihttp://hdl.handle.net/20.500.12519/313
dc.language.isoenen_US
dc.publisherAssociation for Computing Machineryen_US
dc.relationAuthors Affiliations : Faccia, A., Coventry University, Priory St., Coventry, CV15FB, United Kingdom, University College London Centre for Blockchain Technologies (UCL CBT), United Kingdom; Moçteanu, N.R., American University of Malta, Triq Dom Mintoff, Bormla, 1013, Malta; Cavaliere, L.P.L., Università di Foggia, Via Romolo Caggese, 1, Foggia, 71121, Italy; Mataruna-Dos-Santos, L.J., Canadian University of Dubai, 1st Interchange Sheikh Zayed Rd, PO Box, Dubai, 117781, United Arab Emirates
dc.relation.ispartofseriesProceedings of the 2020 12th International Conference on Information Management and Engineering;
dc.rightsPermission to reuse abstract has been secured from Association for Computing Machinery.
dc.rights.holderCopyright : © 2020 ACM
dc.subjectCybersecurityen_US
dc.subjectDark Weben_US
dc.subjectFintechen_US
dc.subjectFraud detectionen_US
dc.subjectMoney Launderingen_US
dc.titleElectronic Money Laundering, The Dark Side of Fintech: An Overview of the Most Recent Casesen_US
dc.typeConference Paperen_US

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