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

dc.contributor.author Faccia, Alessio
dc.contributor.author Moçteanu, Narcisa Roxana
dc.contributor.author Cavaliere, Luigi Pio Leonardo
dc.contributor.author Mataruna-Dos-Santos, Leonardo Jose
dc.date.accessioned 2021-01-14T08:02:38Z
dc.date.available 2021-01-14T08:02:38Z
dc.date.copyright © 2020
dc.date.issued 2020-09-16
dc.description This 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/10.1145/3430279.3430284 en_US
dc.description.abstract Fintech 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.citation Faccia, 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/10.1145/3430279.3430284 en_US
dc.identifier.issn 978-145038752-1
dc.identifier.uri https://doi-org.ezp.cud.ac.ae/10.1145/3430279.3430284
dc.identifier.uri http://hdl.handle.net/20.500.12519/313
dc.language.iso en en_US
dc.publisher Association for Computing Machinery en_US
dc.relation Authors 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.ispartofseries Proceedings of the 2020 12th International Conference on Information Management and Engineering;
dc.rights Permission to reuse abstract has been secured from Association for Computing Machinery.
dc.rights.holder Copyright : © 2020 ACM
dc.subject Cybersecurity en_US
dc.subject Dark Web en_US
dc.subject Fintech en_US
dc.subject Fraud detection en_US
dc.subject Money Laundering en_US
dc.title Electronic Money Laundering, The Dark Side of Fintech: An Overview of the Most Recent Cases en_US
dc.type Conference Paper en_US
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