An Anti-Money Laundering Methodology: Financial Regulations, Information Security and Digital Forensics Working Together

Provided by: University of Denver
Topic: Security
Format: PDF
Analyzing large amounts of financial information within databases can be hardly accomplished when dealing with money laundering. In this paper, the authors propose a methodology for combining digital forensics and database analysis in order to enhance money laundering detection. Additionally, in order to tackle the lack of synergy between the KYC policies and Information Security requirements, they enhance their previous model by analyzing the FATF recommendations, the Basel Frameworks along with the BS ISO/IEC 27001, 27002 and 27037 standards in order to incorporate some of their best-practices into a methodology for money laundering detection model to deliver a set of requirements and activities for customer verification and financial evidence extraction before, during, and after a suspicious activity takes place.

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