Purpose

The purpose of this paper is to explore the various characteristics of frequent-flier programs and the threats they pose to the Australian anti-money laundering regime.

Design/methodology/approach

A thorough literature review was conducted on frequent-flier programs and the associated money-laundering threats. Money laundering (ML) risks were identified in relation to the three stages of ML and effective law enforcement.

Findings

The findings indicate that as ML continues to gravitate towards the weaknesses in the financial system, frequent-flier programs provide yet another avenue for criminals to exploit. The risk factors associated with frequent-flier programs – specifically, anonymity, elusiveness, the rapidity of transactions occurring in a digital environment, ambiguity regarding responsibility for compliance, the global network of participants and members, difficulty in accessing records and an overall lack of oversight – were all integral considerations in establishing the ML risks of such programs.

Practical implications

The global environment in which individuals conduct financial transactions continues to evolve rapidly, exacerbating ML risks for regulators and governments alike. Unless there are globally unified efforts to heighten awareness, the threats posed by virtual currency will increase at a rapid rate. With this in mind, the starting point of this paper is an attempt to analyse the ML risks pursuant to frequent-flier programs in Australia.

Originality/value

The findings from this study can be used to gain greater insights into frequent-flier programs and can have broader application for evaluating other similarly structured loyalty programs, both in Australia and globally. Additionally, the findings from the study can enhance overall awareness of the ever-increasing threat to global financial integrity through the expansion of virtual currency.

中文翻译：

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虚拟货币作为准支付工具：常旅客计划和洗钱案例

目的

本文旨在探讨常旅客计划的各种特征及其对澳大利亚反洗钱制度的威胁。

设计/方法/方法

对飞行常客计划和相关的洗钱威胁进行了彻底的文献审查。洗钱 (ML) 风险与 ML 和有效执法的三个阶段相关。

发现

调查结果表明，随着 ML 继续倾向于金融系统的弱点，飞行常客计划为犯罪分子提供了另一种利用途径。与常旅客计划相关的风险因素——特别是匿名性、难以捉摸、在数字环境中发生交易的速度、合规责任的模糊性、参与者和成员的全球网络、难以访问记录以及总体缺乏监督– 在确定此类程序的 ML 风险时，所有这些都是不可或缺的考虑因素。

实际影响

个人进行金融交易的全球环境继续快速发展，这加剧了监管机构和政府等机构的 ML 风险。除非全球统一努力提高认识，否则虚拟货币带来的威胁将迅速增加。考虑到这一点，本文的出发点是尝试根据澳大利亚的常旅客计划分析 ML 风险。

原创性/价值

这项研究的结果可用于更深入地了解常旅客计划，并可以更广泛地应用于评估澳大利亚和全球其他类似结构的忠诚度计划。此外，该研究的结果可以提高对虚拟货币扩张对全球金融诚信日益增加的威胁的整体认识。