Oad, A.; Razaque, A.; Tolemyssov, A.; Alotaibi, M.; Alotaibi, B.; Zhao, C. Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection. Electronics2021, 10, 1766.
Oad, A.; Razaque, A.; Tolemyssov, A.; Alotaibi, M.; Alotaibi, B.; Zhao, C. Blockchain-Enabled Transaction Scanning Method for Money Laundering Detection. Electronics 2021, 10, 1766.
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.
money laundering; security
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