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Finance and Credit
 

Financial literacy and risk appetite involving clients of financial institutions in illegal deals

Vol. 19, Iss. 41, NOVEMBER 2013

Available online: 11 November 2013

Subject Heading: RISK MANAGEMENT OF FINANCIAL INSTITUTIONS IN MONEY LAUNDERING

JEL Classification: 

Nivorozhkina L.I. Doctor of Economics, Professor, Honored Science Worker, Head of the Department of Mathematical Statistics, Econometrics and Actuarial Calculations, the Rostov State Economic University
lin45@mail.ru

Sinyavskaya T.G. Doctor of Economics, Professor, Associated Professor, the Department of Mathematical Statistics, Econometrics and Actuarial Calculations, the Rostov State Economic University
sin-ta@yandex.ru

Alifanova E.N. Doctor of Economics, Professor, Head of the Faculty of Finance, Professor of the Department of Financial-Economical Engineering, the Rostov State Economic University
alifanovaen@mail.ru

In the article the concept of an risk assessment of involvement of clients of financial institutions in schemes on money laundering on the basis of identification of the level of their financial literacy, the tendency to risk, the relation and ability of identification of the operations connected with suspicious financial transactions are presented. The developed and approved technique is based on poll which has been carried out among students of the South of Russia as most financially by active in the near future to part of the population. The high risk level of involvement of the population in illegal financial schemes owing to low financial literacy is revealed and the main characteristics of group of the greatest risk are defined.

Keywords: money laundering, financial literacy, risk tolerance

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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