Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection

Version 1 : Received: 5 June 2021 / Approved: 7 June 2021 / Online: 7 June 2021 (12:39:50 CEST)

How to cite: Oad, A.; Razaque, A.; Tolemyssov, A.; Alotaibi, M.; Alotaibi, B.; CHENGLIN, Z. Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection. Preprints 2021, 2021060172 (doi: 10.20944/preprints202106.0172.v1). Oad, A.; Razaque, A.; Tolemyssov, A.; Alotaibi, M.; Alotaibi, B.; CHENGLIN, Z. Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection. Preprints 2021, 2021060172 (doi: 10.20944/preprints202106.0172.v1).

Abstract

Currently, life cannot be imagined without the use of bank cards for purchases or money transfers; however, their use provides new opportunities for money launders 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 the money laundering. To validate the performance of the proposed BTS, the 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 the money laundering incident.

Subject Areas

money laundering; security

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