Electronic Money Laundering, the Dark Side of Fintech: An Overview of the Most Recent Cases

Alessio Faccia, Narcisa Roxana Moçteanu, Luigi Pio Leonardo Cavaliere, Leonardo Jose Mataruna-Dos-Santos

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Citation (Scopus)


Fintech has significantly expanded the offer of financial services available to users, facilitating the spread of new financing, payment and exchange services in increasingly large sections of the population. However, there is a downside, represented by the lack of organic regulation that defines the perimeter of legality. World legislators, Europeans in particular, have started building a structured legal framework and to prevent (or to catch) opportunistic or criminal behaviors. Among the unavoidable challenges for the anti-money laundering system are those related to the development of FinTech which produces significant volumes of transactions. In this paper it is provided a systematic review of a) the most common money laundering patterns; b) the European anti-money laundering legal framework, and c) the most recent and relevant fraud cases detected by the enforcements agencies. The main objective of this research is to verify whether the behavior of economic players within the FinTech sector can be contained within the limits of legality. Another objective, far from secondary, is to analyze the current patterns that lead to money laundering, also verifying whether there are tools, within the FinTech itself, capable of exploiting technologies and identifying dark or illegal practices. The recent case study of scandals within the FinTech industry further helps to support the hypotheses and conclusions of the research itself.

Original languageEnglish
Title of host publicationICIME 2020
Subtitle of host publicationProceedings of the 2020 12th International Conference on Information Management and Engineering
PublisherAssociation for Computing Machinery
Number of pages6
ISBN (Electronic)9781450387521
Publication statusPublished - 2 Dec 2020
Event12th International Conference on Information Management and Engineering, ICIME 2020 - Virtual, Online, Netherlands
Duration: 16 Sept 202018 Sept 2020

Publication series

NameICIME: Information Management and Engineering


Conference12th International Conference on Information Management and Engineering, ICIME 2020
CityVirtual, Online

Bibliographical note

Publisher Copyright:
© 2020 ACM.


  • Cybersecurity
  • Dark Web
  • Fintech
  • Fraud detection
  • Money Laundering

ASJC Scopus subject areas

  • Human-Computer Interaction
  • Computer Networks and Communications
  • Computer Vision and Pattern Recognition
  • Software


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