This paper is published in Volume-6, Issue-2, 2020
Area
Information Technology
Author
Nikita M. Patil, Shraddha M. Dondekar, Chetan V. Rawale, Kiran V. Memane, Lahu Kamble
Org/Univ
Vishwakarma Institute of Information Technology, Pune, Maharashtra, India
Pub. Date
20 April, 2020
Paper ID
V6I2-1427
Publisher
Keywords
Money, Money laundering, Criminal activities, Combating money laundering

Citationsacebook

IEEE
Nikita M. Patil, Shraddha M. Dondekar, Chetan V. Rawale, Kiran V. Memane, Lahu Kamble. Combating money laundering using artificial intelligence, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Nikita M. Patil, Shraddha M. Dondekar, Chetan V. Rawale, Kiran V. Memane, Lahu Kamble (2020). Combating money laundering using artificial intelligence. International Journal of Advance Research, Ideas and Innovations in Technology, 6(2) www.IJARIIT.com.

MLA
Nikita M. Patil, Shraddha M. Dondekar, Chetan V. Rawale, Kiran V. Memane, Lahu Kamble. "Combating money laundering using artificial intelligence." International Journal of Advance Research, Ideas and Innovations in Technology 6.2 (2020). www.IJARIIT.com.

Abstract

In today’s world, money laundering is a major issue, so there is a need to fight against money laundering. “Cleaning stolen money, making the source of money no longer exist, called Money Laundering” Financial transactions are huge so it is a challenging task to detect money laundering. As earlier AMLS ( Anti-Money Laundering Suite) was introduced to detect suspicious activities but it is applicable only on individual transactions not for a credit card transaction and other bank transactions. To Overcome these issues of AMLS we propose a Machine Learning method to identify common attributes and behavior with other bank account transactions and also identify suspicious transactions through credit cards. Detection of Money Laundering transaction from a large volume dataset is difficult, so we reduce the input dataset and then calculating the annual turnover of their credit card transfer set a max value which is to be transferred.  Also, find a pair of the transaction with another bank account with common attributes and behavior.
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