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Financial Intelligence Unit arms itself with AI, ML tools to check money laundering

Economic TimesEconomic Times · 7m
Financial Intelligence Unit arms itself with AI, ML tools to check money laundering

India's Financial Intelligence Unit (FIU) has upgraded its information technology system to version 2.0, incorporating artificial intelligence and machine learning tools. The system is designed to combat money laundering and terrorist financing by analyzing suspicious transaction reports flagged by banks and other financial institutions. The upgrade aims to enhance data processing and dissemination of financial intelligence, with features such as risk scoring, advanced analytics, and natural language processing. The system comprises three sub-systems for information collection, analytics, and dissemination of reports to law enforcement agencies. Data security measures, including encryption and access control, are also implemented.

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