Blockchain-enabled transaction scanning method for money laundering detection
Oad A. Razaque A. Tolemyssov A. Alotaibi M. Alotaibi B. Zhao C.
1 August 2021MDPI AG
Electronics (Switzerland)
2021#10Issue 15
Currently, life cannot be imagined without the use of bank cards for purchases or money transfers; however, their use provides new opportunities for money launderers and terrorist organiza-tions. This paper proposes a blockchain-enabled transaction scanning (BTS) method for the detection of anomalous actions. The BTS method specifies the rules for outlier detection and rapid movements of funds, which restrict anomalous actions in transactions. The specified rules determine the specific patterns of malicious activities in the transactions. Furthermore, the rules of the BTS method scan the transaction history and provide a list of entities that receive money suspiciously. Finally, the blockchain-enabled process is used to restrict money laundering. To validate the performance of the proposed BTS method, a Spring Boot application is built based on the Java programming language. Based on experimental results, the proposed BTS method automates the process of investigating transactions and restricts money laundering incidents.
Beneficiary , Money laundering , Money transfers , Originator , Transactions
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Faculty of Information Engineering, Shaoyang University, Shaoyang, 422000, China
Department of Computer Engineering & Information Security, IITU, Almaty, 050000, Kazakhstan
Department of Computer Science, Shaqra University, Shaqra, 11961, Saudi Arabia
Sensor Networks and Cellular Systems Research Center, University of Tabuk, Tabuk, 71491, Saudi Arabia
Department of Information Technology, University of Tabuk, Tabuk, 71491, Saudi Arabia
Faculty of Information Engineering
Department of Computer Engineering & Information Security
Department of Computer Science
Sensor Networks and Cellular Systems Research Center
Department of Information Technology
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