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Emerging Trends in ICT Security by Hamid R. Arabnia, Babak Akhgar

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Chapter 36

Financial Security against Money Laundering

A Survey

Girish Keshav Palshikar and Manoj Apte,    Tata Consultancy Services Limited, Pune, MH, India

Money laundering (ML) is a serious problem for the economies and financial institutions around the world. Financial institutions get used by organized criminals and terrorists as vehicles of large-scale money laundering, which presents the institutions with challenges of regulatory compliance, maintaining financial security, preserving goodwill and reputation, and avoiding operational risks like liquidity crunch and lawsuits. Hence prevention, detection, and control of ML is crucial for the financial security and risk management of financial institutions. Realizing the gravity of ML, various ...

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