The role of cognitive factors in money laundering risk assessment and mitigation of financial threats

The article explores the main theoretical approaches to studying the vulnerability of financial institutions to money laundering risks and the practical challenges of assessing such risks with the involvement of experts in the field. A key theme in the literature is the emphasis on formal compliance with rules for identifying suspicious transactions and illicit schemes, rather than making case-by-case judgments. Both experienced experts and novice specialists often exhibit excessive confidence in their judgments, a tendency that is frequently amplified when working in expert groups. One manifestation of this effect is the preference for false-positive errors over false-negative ones. To enhance the process of identifying and making evaluative judgments regarding money laundering risks and countering financial threats, it is essential to implement approaches that address cognitive biases and improve decision-making accuracy.