Money laundering is the illegal practice of making large sums of money obtained through criminal activity appear to have originated from a legitimate source. The globalization of the world economy, as well as the advancement of information and telecommunication technologies, have resulted in both positive and negative changes.
One of them is money laundering, which poses a significant threat to the state’s financial and economic stability and has an impact on the level of socioeconomic development. It includes suspicious or secretive behavior by an individual regarding money matters, making large cash transactions, owning a company that appears to serve no real purpose, conducting overly complex transactions, or making several transactions just below the reporting threshold.
In this system, the bank needs to register to log in to the system with basic details. The bank can add a Money Laundering reporting officer. The bank can grant access to customers and allow them to perform transactions with their respective banks. Can view all the transactions made by customers. They suspect transactions List and Details of that transaction created by the Officer. View all the customer feedback lists.
The officer can view bank details and can view the customer’s list, view their transaction, can add the suspected transaction to the suspected list. View the suspected list with the respective customer details.
The customer has to register first to log in to the system. They can update their profile which contains their basic and account details. The customer can make a new transaction and also, and they can view all their previous transaction. Customers can view bank details and they can send feedback by sharing their experiences and suggestion.
- It’s easy to maintain.
- It’s user-friendly.
- Transaction can be done instantly.
- All transactions are monitored.
- If any transaction is suspected, the bank is notified immediately.