

The Impact of Open Banking on Economic and Financial Crime
Michael Kemp
Pareto Undergraduate Journal of New Economists
Vol. 2 No. 1, Issue 2024
pp. 22 - pp. 42
Abstract
This paper attempts to answer the research question: How does Open Banking impact economic and financial crime? To answer this, panel data on crimes committed in the United Kingdom that span a ten-year period was collected. Using the definition of economic and financial crime most common in the existing literature, data were filtered to include only relevant crimes. Using the synthetic control method to analyze Open Banking as a policy effect, this paper finds evidence that Open Banking leads to increased levels of fraud and blackmail.
Michael completed his undergraduate studies in 2022 at the University of Toronto Mississauga, earning a Bachelor of Commerce with a major in Economics. During his final year of studies he attended the ECO420 Research in Applied Economics course and was inspired to dive deep into the literature on Open Banking. The result of this was his insightful and original contribution to the existing literature. In 2023 he then completed a Master's in Economics at the University of Toronto, and in 2024 he entered the Ph.D. program in Economics at the University of Toronto. Following his Ph.D he plans to pursue a career in academia. His research, applied in nature, focuses on financial technology and education. Michael thanks his ECO420 supervisor, Eduardo Souza-Rodrigues for his support and guidance on this research paper.

About the Author
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Michael Kemp - michael.kemp@mail.utoronto.ca