Prototyping of information system for monitoring banking transactions related to money laundering

Abstract

The article deals with the prototyping of an information system for intrabank monitoring of transactions related to money laundering. It has been proven that the automation of financial monitoring system would increase the bank’s efficiency due to examining all bank transactions without exception, leveling the human factor, maximizing the speed of identifying suspicious transactions, which will provide the bank management with the possibility to reduce reputational risk and minimize losses related to paying penalties imposed by regulatory agencies. It has been established that the prototype of the information system for monitoring transactions related to money laundering through banks should consist of a model of the business process monitoring in an automated system environment, a DFD model of automated monitoring of banking transactions, a structural database model, user interface forms and the logic of validation business rules. The resulting methodological and practical developments are a universal component of the financial monitoring system of any bank since they have the opportunity to transform and adapt to new standards for reporting entities or differentiation of the business processes of a bank.