OLHA V. KUZMENKO, SERHII V. MYNENKO, SERHII V. LYEONOV, ALEKSY S. KWILINSKI
Business Process Model for Monitoring the Automatic Payments in the "Client-Bank" System
(original language – English)
https://doi.org/10.21272/mer.2021.91.02
The innovative development of banking presupposes modernization in the approaches to anti-money laundering. The article considers the issue of financial monitoring of banking operations without bank employees’ participation through the "Client-Bank" system. Two models for monitoring the automatic payments in the "Client-Bank" system are identified. The list of functions performed by the "Client-Bank" system in terms of types of clients: individuals and legal entities (including individuals-entrepreneurs) was determined. The first model describes general indicators of transactions that have the risk of money laundering. The second model focuses on the specific features of the "Client-Bank" system functionality for legal entities or individual entrepreneurs. Several criteria for the riskiness of the operation in terms of money laundering are considered. The developed business process model takes into account the verification of the participant's affiliation to countries that do not implement or improperly implement the recommendations of intergovernmental organizations, the participant's affiliation to politically significant or related persons and the withdrawal of capital abroad, including offshore areas . In addition, checks of financial condition of counterparties, regularity of receipts of payments and cash withdrawals, circulation of foreign currency, loan repayment, receipt of a significant amount of cash, ip-address of the client and description of the transaction are included. A feature of the business model for legal entities is the verification of NACE compliance, analysis of the number of contractors, analysis of the timeliness of tax payments. Directions for further development of this study identify the possibility of intellectualizing the financial monitoring system and improving the regulatory framework in the system "Client-Bank" to enhance the system of anti-money laundering in banking institutions.
Key words: anti-money laundering, "Client-bank" systems, risks of the bank, bank, financial monitoring.
Placed in №1, 2021.
Affiliations:
Olha V. Kuzmenko, Dr.Sc. (Economics), Professor, Department of Economic Cybernetics, Sumy State University;
Serhii V. Mynenko, PhD student (Economics), Department of Economic Cybernetics, Sumy State University;
Serhii V. Lyeonov, Dr.Sc. (Economics), Professor, Department of Economic Cybernetics, Sumy State University;
Aleksy S. Kwilinski, Dr.Sc. (Economics), Professor, Department of Marketing, Sumy State University
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