Akademik Məlumat İdarəetmə Sistemi
55th International Scientific Conference on Economic and Social Development Development, Baku, Azerbaijan, 18 - 19 June 2020, pp.874-883, (Full Text)
ABSTRACT An extremely important and relevant issue today is the study of the implementation of innovative blockchain technology in the field of finance, e-commerce, the banking sector as the most effective tool of providing securing, saving confidential information as well as anonymity of participants in transactions. The paper describes the use of blockchain technology by financial institutions. The main features of the use of blockchain technology are identified. In this study, the advantages and disadvantages of blockchain are described. The article investigates the nature of the threats that arise during the transfer, storage and use of digital currencies for anti-money laundering. The use of blockchain technology in the bank as an integrated system for anti-money laundering is justified to minimize the negative impact of this phenomenon. For effective counteraction of the illegal income legalization in the bank, it is recommended by authors to use a three-step approach to build the anti-money laundering system. It consists of client identification based on the blockchain consensus algorithm, blocking transactions with the risk of anti-money laundering, which are determined by international and national regulators in anti-money laundering sphere as well as monitoring transactions using intellectual transaction risk assessment algorithms with the use of transaction metadata and maintaining complete information about users. The block diagram of the algorithm for conducting transactions in a bank through the system based on blockchain technology with a possible connection to the network of the external regulator in the sphere of anti-money laundering has been proposed. Keywords: anti-money laundering, blockchain technology, cryptocurrency, user identification, intelligent data analysis