Year: 2023
Type: article
Abstract: Money laundering is synonymous to clothes laundering and it is the process of transforming the real nature of the source of an income or money. This transformation of the source is usually from an illegitimate source to a legitimate source. Explicitly programmed system, rule-based system and machine learning system exist as anti-money laundering system, however these systems have one or more setbacks, mostly the explicitly programmed and rule-based systems due to their inability to learn from experiences and to improve their performance as they used. The k nearest Neighbour (kNN) model was developed using open datasets on financial transaction from Kaggle.com, which is an open-source website that holds a lot of data. An accuracy of 98.4% was achieved for the selected model. In this article, we developed a web-based money laundering detection system which is based on the kNN Machine Learning model.
Authors: JohnPaul A.C. Hampo, Euphemia Chioma Nwokorie, Juliet Nnenna Odii
Institution: Federal University of Technology Owerri
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4384921935