Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection
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 organizations. This paper proposes a blockchain-enabled transaction scanning (BTS) method for the detection of anomalous...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2021-07-01
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| Series: | Electronics |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2079-9292/10/15/1766 |
| _version_ | 1797525731377414144 |
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| author | Ammar Oad Abdul Razaque Askar Tolemyssov Munif Alotaibi Bandar Alotaibi Chenglin Zhao |
| author_facet | Ammar Oad Abdul Razaque Askar Tolemyssov Munif Alotaibi Bandar Alotaibi Chenglin Zhao |
| author_sort | Ammar Oad |
| collection | DOAJ |
| description | 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 organizations. 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. |
| first_indexed | 2024-03-10T09:17:10Z |
| format | Article |
| id | doaj.art-9e3a3046283d4b40a1c42a5f6ea75cba |
| institution | Directory Open Access Journal |
| issn | 2079-9292 |
| language | English |
| last_indexed | 2024-03-10T09:17:10Z |
| publishDate | 2021-07-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Electronics |
| spelling | doaj.art-9e3a3046283d4b40a1c42a5f6ea75cba2023-11-22T05:30:35ZengMDPI AGElectronics2079-92922021-07-011015176610.3390/electronics10151766Blockchain-Enabled Transaction Scanning Method for Money Laundering DetectionAmmar Oad0Abdul Razaque1Askar Tolemyssov2Munif Alotaibi3Bandar Alotaibi4Chenglin Zhao5Faculty of Information Engineering, Shaoyang University, Shaoyang 422000, ChinaDepartment of Computer Engineering & Information Security, International Information Technology University, Almaty 050000, KazakhstanDepartment of Computer Engineering & Information Security, International Information Technology University, Almaty 050000, KazakhstanDepartment of Computer Science, Shaqra University, Shaqra 11961, Saudi ArabiaSensor Networks and Cellular Systems Research Center, University of Tabuk, Tabuk 71491, Saudi ArabiaFaculty of Information Engineering, Shaoyang University, Shaoyang 422000, ChinaCurrently, 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 organizations. 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.https://www.mdpi.com/2079-9292/10/15/1766transactionsmoney transfersmoney launderingoriginatorbeneficiary |
| spellingShingle | Ammar Oad Abdul Razaque Askar Tolemyssov Munif Alotaibi Bandar Alotaibi Chenglin Zhao Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection Electronics transactions money transfers money laundering originator beneficiary |
| title | Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection |
| title_full | Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection |
| title_fullStr | Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection |
| title_full_unstemmed | Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection |
| title_short | Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection |
| title_sort | blockchain enabled transaction scanning method for money laundering detection |
| topic | transactions money transfers money laundering originator beneficiary |
| url | https://www.mdpi.com/2079-9292/10/15/1766 |
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