Detecting Money Laundering Actions Using Data Mining and Expert Systems

Nowadays terrorism is one of the biggest troubles that almost every country faces. It mainly influences the economy and the well being of the citizens and this effect is relatively larger in the developed countries. Since the financial sources of terrorist groups can be regarded as black money, the solutions against the money laundering actions can be expected to identify the transactions of the terrorists. Then, blocking their accounts could slow down their actions if cannot stop. In many countries, the financial institutions are expected to inform compliance regulation bodies about any persons or transactions that they think suspicious. To cope with this necessity, various software packages for anti money laundering (AML) have been developed and are commercially available.