FinTech, terrorism-related fund transfers and behavioural finance

Article

Phillips, Peter J. and McDermid, Benjamin. 2021. "FinTech, terrorism-related fund transfers and behavioural finance." Dynamics of Asymmetric Conflict: pathways toward terrorism and genocide. 14 (3), pp. 226-246. https://doi.org/10.1080/17467586.2020.1821074
Article Title

FinTech, terrorism-related fund transfers and behavioural finance

ERA Journal ID124358
Article CategoryArticle
AuthorsPhillips, Peter J. (Author) and McDermid, Benjamin (Author)
Journal TitleDynamics of Asymmetric Conflict: pathways toward terrorism and genocide
Journal Citation14 (3), pp. 226-246
Number of Pages21
Year2021
Place of PublicationUnited States of America
ISSN1746-7586
1746-7594
Digital Object Identifier (DOI)https://doi.org/10.1080/17467586.2020.1821074
Web Address (URL)https://www.tandfonline.com/doi/full/10.1080/17467586.2020.1821074
Abstract

The arrival of 'FinTech' – non-bank companies offering financial services through new technology – has changed the regulatory landscape of the financial markets. This is especially the case in the funds transfer market. While terrorist finance might have once been more at risk of detection in some jurisdictions than others, FinTech threatens to bring about a levelling of risk across jurisdictions. To what extent, though, do we expect decision-makers engaged in transferring funds for terrorism to switch seamlessly in response to changes in risk? Because terrorist finance requires choice under risk and uncertainty, it may be characterized by systematic patterns of error deriving from human decision-making processes. These errors cause delays, or 'stickiness' in adaptation to new conditions and may provide openings for counter-terrorist finance (CTF).

KeywordsFinTech, terrorist finance, counter-terrorist finance, behavioural finance
ANZSRC Field of Research 2020350202. Finance
520402. Decision making
350204. Financial institutions (incl. banking)
380107. Financial economics
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Byline AffiliationsSchool of Commerce
Institution of OriginUniversity of Southern Queensland
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