AMLChain: An Automated Blockchain Model Architecture For Anti-Money Laundering in Banking Industry

The research focuses on developing a novel model, AMLChain, to provide insights into blockchain technology and automation. The goal is to help prevent financial crimes in the banking industry and improve anti-money laundering practices. By using the features of blockchain, such as transparency, immutability, and automation, significant advancements can be made in AML operations. The investigation of AMLChain includes the creation of an immutable and auditable ledger of transactions. The research proposes the AMLChain model by reviewing existing blockchain-based AML solutions implemented by financial institutions and regulatory authorities, highlighting the automation process. It also represents an AML automation process utilizing blockchain technology and a dual chain structure involving private and public banks in collaboration with the central bank. AMLChain models aim to improve traditional AML checking methods and provide a more effective and efficient approach to identifying suspicious user transaction activity.