aspg-37-4401-1792223418 20261017075018 American Scientific Publishing Group admin@americaspg.com American Scientific Publishing Group Financial Technology and Innovation FinTechI 2836-5372 2025 5 1 Ulugbek Inoyatov Department of Computer Science, Central Asian University, Tashkent, Uzbekistan Eugene Q. Castro Department of Computer Science, Central Asian University, Tashkent, Uzbekistan Financial fraud detection systems increasingly rely on machine learning to identify suspicious transactions at scale. However, the opacity of many high-performing models raises significant concerns regarding trust, regulatory compliance, and practical deployment in real-time financial environments. Explainable Artificial Intelligence (XAI) has emerged as a promising solution to enhance transparency and accountability, yet its feasibility under real-time constraints remains unclear. This systematic literature review examines empirical studies on explainable AI approaches for financial fraud detection, with explicit focus on real-time applicability. Following PRISMA guidelines, nineteen peer-reviewed empirical studies were selected and analyzed based on fraud domain, model type, explainability technique, evaluation metrics, and evidence of real-time performance. Results show that posthoc explanation methods, particularly SHAP and LIME, dominate the literature, while intrinsic explainability and deployment-level latency reporting remain limited. Despite frequent claims of real-time applicability, only one study provides quantitative runtime evidence. The findings highlight critical gaps: absence of explanation latency evaluation, lack of deployment-oriented validation, and insufficient regulatory compliance integration. This review reveals a systematic disconnect between real-time claims and empirical evidence, establishing the need for standardized latency benchmarking in explainable fraud detection research. 2025 01 09 4401 https://creativecommons.org/licenses/by/4.0/ 10.54216/FinTech-I.050101 https://americaspg.com/journal/37/article/4401 https://americaspg.com/storage/articles/manuscripts/01KV3HJNEKSGAAWMC169GCQS9W.pdf