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An Integrated Cybersecurity and Anti-Money Laundering Governance Framework for Financial Crime Prevention
Subject area: Science,Engineering and Technology · Area of research: Cybersecurity
DOI: https://doi.org/10.64388/IREV4I11-1713552
Abstract
Financial crime remains a persistent challenge for the global financial system, with cybersecurity breaches and money laundering schemes posing significant operational, regulatory, and reputational risks. While financial institutions have traditionally addressed these issues through discrete compliance, risk management, and IT security frameworks, increasing interconnectivity, digitisation, and sophistication of cybercriminal tactics have highlighted the need for integrated governance strategies. This paper proposes an integrated cybersecurity and anti-money laundering (AML) governance framework designed to prevent financial crimes through a cohesive, multi-layered approach. Drawing on contemporary literature and regulatory guidance, the framework synthesises organisational governance, technological safeguards, operational processes, compliance mechanisms, and stakeholder engagement into a unified model. The framework addresses both preventative and detective measures, incorporating risk assessment, threat intelligence, transaction monitoring, and employee training while ensuring alignment with existing legal and regulatory obligations. This study contributes to the literature by presenting a structured, conceptual model that bridges traditional AML controls with cybersecurity governance, emphasising proactive risk mitigation, real-time monitoring, and cross-functional integration. The findings have implications for financial institutions seeking to enhance their resilience to financial crimes and for regulators aiming to develop more effective oversight mechanisms.
Keywords
Cybersecurity, Anti-Money Laundering, Financial Crime Prevention, Governance Framework, Risk Management, Compliance.
How to cite this paper
@article{1713552,
author = {Oladapo Fadayomi, Adepeju Deborah Bello, Oghenemaiga Elebe, Nafiu Ikeoluwa Hammed, Gbenga Olumide Omoegun},
title = {An Integrated Cybersecurity and Anti-Money Laundering Governance Framework for Financial Crime Prevention},
journal = {Iconic Research And Engineering Journals},
year = {2021},
volume = {4},
number = {11},
pages = {584-600},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1713552.pdf},
abstract = {Financial crime remains a persistent challenge for the global financial system, with cybersecurity breaches and money laundering schemes posing significant operational, regulatory, and reputational risks. While financial institutions have traditionally addressed these issues through discrete compliance, risk management, and IT security frameworks, increasing interconnectivity, digitisation, and sophistication of cybercriminal tactics have highlighted the need for integrated governance strategies. This paper proposes an integrated cybersecurity and anti-money laundering (AML) governance framework designed to prevent financial crimes through a cohesive, multi-layered approach. Drawing on contemporary literature and regulatory guidance, the framework synthesises organisational governance, technological safeguards, operational processes, compliance mechanisms, and stakeholder engagement into a unified model. The framework addresses both preventative and detective measures, incorporating risk assessment, threat intelligence, transaction monitoring, and employee training while ensuring alignment with existing legal and regulatory obligations. This study contributes to the literature by presenting a structured, conceptual model that bridges traditional AML controls with cybersecurity governance, emphasising proactive risk mitigation, real-time monitoring, and cross-functional integration. The findings have implications for financial institutions seeking to enhance their resilience to financial crimes and for regulators aiming to develop more effective oversight mechanisms.},
keywords = {Cybersecurity, Anti-Money Laundering, Financial Crime Prevention, Governance Framework, Risk Management, Compliance.},
month = {May},
doi = {https://doi.org/10.64388/IREV4I11-1713552}
}