Information system for monitoring banking transactions related to money laundering

Abstract

The article deals with the prototyping of an information system forintrabank monitoring of transactions related to money laundering. It has beenproven that the automation of financial monitoring system would increase thebank's efficiency due to examining all bank transactions without exception,leveling the human factor, maximizing the speed of identifying suspicioustransactions, which will provide the bank management with the possibility toreduce reputational risk and minimize losses related to paying penalties imposedby regulatory agencies. It has been established that the prototype of theinformation system for monitoring transactions related to money launderingthrough banks should consist of a model of the business process monitoring in anautomated system environment, a DFD model of automated monitoring ofbanking transactions, a structural database model, user interface forms and thelogic of validation business rules. The resulting methodological and practicaldevelopments are a universal component of the financial monitoring system ofany bank since they have the opportunity to transform and adapt to new standardsfor reporting entities or differentiation of the business processes of a bank.