SYSTEM SUPPORTING MONEY LAUNDERING & FRAUD DETECTION Nithun Ajeeth.K & Senathipathi.R Department of Banking Technology‚ Pondicherry University‚ India ABSTRACT Money laundering is the big problem which is getting even more complex than before. The designing the system for prevention of money laundering and fraud detection is a complex task since money launderers have kept pace with the changing times‚ becoming more technically adept than ever‚ making the existing systems more vulnerable to
Premium Money laundering Financial services Fraud
Ethical Dilemma in the Medical Field: The Hippocratic Oath vs. Fraud Diana C. Riojas Arlington‚ Texas Ethical Dilemma in the Medical Field: The Hippocratic Oath vs. Fraud Abstract With Healthcare being one of the most regulated industries in the United States‚ it is still plagued by fraudulent doctors‚ business people‚ nurses etc. and defrauding the United States Government out of millions to billions of dollars. Somehow‚ the individuals who defraud the Government rationalize their decisions
Premium Medicine Health care Medical ethics
recognize there are some disadvantages as well. Much like any other technical or mechanical advancement there are drawbacks or risks that need to be mitigated in order to enjoy the positives. Here are a few of the disadvantages of the Internet: *Fraud and Theft Fraud and theft is the largest complaint consumers have about the Internet. These cyber crimes impact individuals and organizations and causes serious damage in society. Lurking across the dark corners of the web are identity thieves‚ embezzlers
Premium Fraud Identity theft Theft
What constitute Tax crimes? A taxpayer committing an act “willfully.” In proving tax fraud the IRS looks for behaviors that determined the taxpayer’s willful intent‚ and conducts that may determine illegal tax evasion such as the existence of a tax deficiency and an affirmation of an attempted evasion. To be prosecuted for tax crime requires a “men rea”‚ which refers to the intent of the individual. IRS needs to prove the evidence surrounding someone’s intent to tax evasion or in evading the legal
Premium Fraud Crime Theft
Summary of the issues in the DHB Industries‚ Inc. case study. Background: DHB Industries‚ Inc. ("DHBI") case study concerns an accounting and financial reporting fraud. DHBI made protective body armour for the US military. The former CEO of DHBI‚ David Brooks ("DB")‚ misrepresented DHBI’s financial statements‚ mislead the independent auditors in order to conceal his fraudulent transactions and he misappropriated DHBI’s assets and funds for personal expenditures. Main Issues: (1) Weak corporate
Premium Fraud Business ethics Ethics
Conflict on a Trading Floor The details of this transaction In this case study‚ the action takes place on the trading floor when Poseidon Cruise Lines wants to finance the construction of a new cruise ship that will be built by a French shipyard. The shipyard required payments in francs which created currency risk for Poseidon. Linda‚ a top salesperson‚ was assigned this transaction. She had developed a close relationship with the chief financial officer and treasurer over a year and a half of
Premium Fraud Deception Management
membership. Introduction Business failures have an economic implication which is disastrous to the economy of any nation. In fact big investment frauds and trading scams have resulted in the loss of billions of dollars from gullible people. Nigeria is not an exception. There are various advanced fee frauds in Nigeria and other investment frauds that have bedeviled the Nigerian economy and the world. Bernard Ma doff‚ a former chairman of Nasdaq Exchange was arrested for running a $50 billion
Premium Bank Fraud Corporate governance
Bernie Madoff’s $50 Billion Ponzi Scheme Named after con man Charles Ponzi‚ a Ponzi scheme is a fraud of investment‚ which appeals to investors due to the promise of high returns with little to no risk. Investors believe they are receiving profits however they are merely receiving principal of new investors. In order to be successful‚ the old investors must not withdraw large sums of money at a given time‚ and there must constantly be an inflow of money from new investors contributing to the
Premium Ponzi scheme Bernard Madoff Confidence trick
Employees may be encouraged to dress casually to encourage a feeling of equality and to encourage comfort and productivity. 4) Fraud: Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain. As a legal construct‚ fraud is both a civil wrong and a criminal wrong. Defrauding people or organizations of money or valuables is the usual purpose of fraud‚ but it sometimes instead involves obtaining benefits without actually depriving anyone of
Premium Finance Public company Fraud
“White collar crime is defined as various crimes‚ as embezzlement‚ fraud‚ or stealing office equipment‚ committed by business or professional people while working. Generally the person accused of a white collar crime is someone of high prestige. White-collar crime is a broad term that encompasses many types of nonviolent criminal offenses involving fraud and illegal financial transactions. White-collar crimes include bank fraud‚ bribery‚ blackmail‚ counterfeiting‚ embezzlement‚ forgery‚ insider
Premium Fraud Enron Corporate governance