Reengineering of Money Laundering Prevention Process in the Financial Sector

Abstract

The development of the financial sector at a global level is increasingly bringing society closer to uncontrolled money flow movements. The amount of money in the shadows is growing every year, and it is becoming increasingly difficult to manage emerging problems at the state and regional levels. Therefore, new methods for money laundering prevention are being sought, and ongoing improvements to existing processes are being implemented. The implementation of money laundering prevention is governed by specific processes and procedures established within organizations, which are used by companies in the financial sector to carry out money laundering and loss prevention. Although these processes have existed for many years, in an ever-expanding environment, it is essential to introduce the latest problem-solving and money-laundering prevention methods to ensure the safety of both financial sector companies and their clients. Therefore, the aim of this study is to identify factors that could be improved for money laundering prevention in the financial sector and reengineer the anti-money laundering process in the financial sector. Research methods such as literature analysis and expert evaluation were chosen and conducted through in-depth interviews to achieve this objective. The results of the study showed that money laundering, as a process, is not only relevant but also dangerous, with up to 5% of the world's GDP being illegally exploited. Money laundering can manifest in various ways and through many different crimes. However, the crucial aspect is how each citizen behaves in certain situations related to money laundering, its processes, and prevention, as well as the actions taken by both individuals and legal entities to control situations associated with the exploitation of illegal money.