| Abstract [eng] |
Research background: In the last decade, as the financial crisis brought the global economy to its knees, financial technology start-ups have surged forward and offered more innovative solutions to problems in the traditional areas of banking, insurance and wealth management. This new and burgeoning industry, which has come to be known as the FinTech industry, is growing. FinTech, as the name suggests, refers to using the latest technology to solve financial service problems. Technology-based innovation is radically changing the financial industry. Financial innovations are attractive and convenient products for consumers. Still, at the same time, they create new problems in the fight against money laundering and terrorist financing and pose new challenges to specialists in improving the system of combating money laundering and terrorist financing and global practice in this field. The concept of FinTech and the ecosystem structure are presented. The impact of development on money laundering prevention is discussed, the indicators leading to the development of the FinTech sector are distinguished. Purpose of the article: The main aim of the article is to assess the impact of the development of the FinTech sector on money laundering prevention. Methods: Literature analysis specifies information about FinTech development and money laundering, while multi-criteria assessment methods, TOPSIS, EDAS, and SAW, are used to assess the impact of FinTech sector development on money laundering prevention. Findings & Value added: The results of country evaluations based on their Anti-Money Laundering Basel index using different multi-criteria assessment methods provide insights that the United Kingdom, Switzerland, and Sweden have performed well in terms of compliance with regulations. Bulgaria, Italy, and Turkey have demonstrated efficiency in addressing money laundering based on the criteria used in the evaluation. |
