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Introduction

Detecting potential money laundering in peer-to-peer payments is a critical issue in the financial industry. As the use of digital payment platforms continues to rise, there is an increasing concern about the potential misuse of these platforms for illegal activities such as money laundering. Money laundering involves the process of making illegally obtained money appear legitimate by passing it through a complex sequence of banking transfers or commercial transactions. The use of peer-to-peer payment systems, which allow individuals to transfer money directly to one another without the need for a traditional banking intermediary, has the potential to facilitate money laundering activities due to the anonymity and ease of use offered by these platforms.

Background of the Study

The emergence of peer-to-peer payment systems such as Venmo, PayPal, Cash App, and Zelle has revolutionized the way individuals transfer money to one another. These platforms provide a convenient and efficient way to send and receive funds, but they also present challenges for financial institutions and regulators in detecting and preventing money laundering activities. Unlike traditional banking systems, peer-to-peer payment platforms do not always have the same rigorous anti-money laundering (AML) measures in place, making them attractive targets for criminals looking to obscure the origins of illicit funds.

Problem Statement

The lack of robust AML measures in peer-to-peer payment systems poses a significant challenge for financial institutions and regulators in detecting and preventing money laundering activities. There is a need for more effective methods and tools to identify suspicious transactions and patterns on these platforms to mitigate the risk of criminal activity.

Objective of the Study

The primary objective of this study is to investigate methods for detecting potential money laundering in peer-to-peer payments. Specifically, the research aims to develop a framework for identifying suspicious transactions and patterns on peer-to-peer payment platforms and to evaluate the effectiveness of existing AML tools in detecting money laundering activities in this context.

Limitation of Study

This study is limited by the availability of data and information on peer-to-peer payment transactions, as well as the limitations of existing AML tools and technologies in detecting money laundering activities in these platforms.

Scope of Study

This study will focus on peer-to-peer payment systems and the challenges they present in detecting and preventing money laundering activities. The research will include a review of existing literature on money laundering and AML measures, as well as an analysis of transaction data from selected peer-to-peer payment platforms.

Significance of Study

This study is significant as it addresses a pressing issue in the financial industry and contributes to the body of knowledge on money laundering detection in peer-to-peer payments. The findings of this research will provide valuable insights for financial institutions, regulators, and policymakers in enhancing their AML measures and combating criminal activities on digital payment platforms.

Structure of the Thesis

Chapter 1: Introduction
1.1 Introduction
1.2 Background of study
1.3 Problem Statement
1.4 Objective of study
1.5 Limitation of study
1.6 Scope of study
1.7 Significance of study
1.8 Structure of the Thesis
1.9 Definition of terms

Chapter 2: Literature Review
Chapter 3: Research Methodology
Chapter 4: Discussion of Findings
Chapter 5: Conclusion and Summary

Thesis Overview: Detecting potential money laundering in peer-to-peer payments

Money laundering is a pervasive issue in the financial industry, with criminals constantly seeking new ways to obscure the origins of illicit funds. Peer-to-peer payment systems, which allow individuals to transfer money directly to one another without the need for a traditional banking intermediary, present a unique challenge for detecting potential money laundering activities. This thesis aims to investigate methods for identifying suspicious transactions and patterns on peer-to-peer payment platforms and to evaluate the effectiveness of existing AML tools in detecting money laundering activities in this context.

Chapter 1 provides an introduction to the study, outlining the background, problem statement, objectives, limitations, scope, significance, and structure of the thesis. Chapter 2 reviews existing literature on money laundering, AML measures, and peer-to-peer payment systems. Chapter 3 details the research methodology, including data collection and analysis methods. Chapter 4 discusses the findings of the study, examining the effectiveness of existing AML tools in detecting potential money laundering in peer-to-peer payments. Finally, Chapter 5 presents the conclusion and summary of the project, highlighting key insights and recommendations for future research in this area.

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