Knowledge-based anti-money laundering: a software agent bank application

Gao, Shijia, Xu, Dongming, Wang, Huaiqing and Green, Peter (2009). Knowledge-based anti-money laundering: a software agent bank application. In: R. Chase, Journal of Knowledge Management: Annual Meeting of the National Council on Measurement in Education. Annual Meeting of the National Council on Measurement in Education, Chicago, IL, (63-75). 10-12 Apr 2007. doi:10.1108/13673270910942709


Author Gao, Shijia
Xu, Dongming
Wang, Huaiqing
Green, Peter
Title of paper Knowledge-based anti-money laundering: a software agent bank application
Conference name Annual Meeting of the National Council on Measurement in Education
Conference location Chicago, IL
Conference dates 10-12 Apr 2007
Proceedings title Journal of Knowledge Management: Annual Meeting of the National Council on Measurement in Education   Check publisher's open access policy
Journal name Journal of Knowledge Management   Check publisher's open access policy
Place of Publication United Kingdom
Publisher Emerald Group Publishing
Publication Year 2009
Sub-type Fully published paper
DOI 10.1108/13673270910942709
Open Access Status
ISSN 1367-3270
Editor R. Chase
Volume 13
Issue 2
Start page 63
End page 75
Total pages 13
Language eng
Formatted Abstract/Summary
Purpose - Criminal elements in today 3 technology-driven society are using every means available at their disposal to launder the proceeds from their illegal activities. While many anti-money laundering (AML) solutions have been in place for some time within the financial community, they face the challenge to adapt to the ever-changing risk and methods in relation to money laundering (ML), This research ML schemes in order to report suspicious activities to banks.

Design/methodology/approach - The research adopted the technology of intelligent agents to provide a more adaptive, flexible, and knowledge-based solution for AML.

Findings - Based on the analysis of monitoring, diagnosing, and reporting of ML activities occurring In electronic transactions, several types of intelligent agents are proposed and a multi-agent framework is presented for AML. Furthermore, business knowledge such as business rules and strategies are extracted from AML practice, and applied to the design of individual agents to make them act autonomously and collaboratively to fulfil the goal of ML detection.

Practical implications - The proposed multi-agent framework is a stand-alone system, which can be integrated by banks to combat ML. Although it is a uni-bank framework at present, it can be extended to multi-bank application in the future.

Originality/value - The research explores the approach of applying an intelligent agent for knowledge-based AML in an electronic transaction environment for banks. By separating business logic from the business model, such a business-rules approach can enhance the flexibility and adaptability of the agent-based AML system.
Subjects C1
0806 Information Systems
Keyword Knowledge management
Money laundering
Intelligent agents
Systems
Management
Support
Q-Index Code C1
Q-Index Status Confirmed Code

Document type: Conference Paper
Sub-type: Fully published paper
Collections: 2010 Higher Education Research Data Collection
UQ Business School Publications
 
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Created: Thu, 16 Apr 2009, 00:27:15 EST by Karen Morgan on behalf of UQ Business School