Mon. Dec 23rd, 2024
Financial Intelligence Department Has Ai, Ml Tools To Check Money
New Delhi: Financial information unit (FIU) operates an advanced 2.0 version of its information technology system with artificial intelligence and machine learning tools; money laundering and terrorist financing Crime in the country’s economic channels. According to the latest report, the amount of data (suspicious transaction reports) that banks and various other financial institutions have reported to the FIU for analysis and further flagged for dissemination to law enforcement and intelligence agencies has increased. The technology backbone needed an upgrade because The fiscal year 2022-2023 was announced.
The agency was established in 2004 under the legal framework of the Prevention of Money Laundering Act (PMLA) with the objective of “playing a decisive role in India’s fight against the menace of money laundering and terrorist financing.” Ta.
The Financial Intelligence Network (FINnet) 2.0 will require thorough implementation of the existing FINnet 1.0 system due to the country’s changing regulatory environment and evolving technology landscape, according to a recently released report accessed by PTI. The company stated that it was conceived because of the need for a complete review. An efficient system for collecting, processing, and distributing financial intelligence.
“FINnet 2.0 is designed for superior analytical capabilities, improved data quality, keen compliance monitoring, and state-of-the-art security tools to strengthen anti-money laundering and combat terrorist financing at FIU-India and its media outlets. ”, the report states. .
It enables you to generate risk scores for individuals, companies, reports, networks, and cases to flag high-risk cases, entities, or reports for immediate action, and uses risk analytics to He says he can prioritize.
The 2.0 version will feature “advanced analytics” capabilities employing artificial intelligence and machine learning tools, as well as a strategic analytics lab to keep pace with anti-money laundering and emerging technology developments, the report said. .
The new system also uses natural language processing (NLP) and text mining tools to analyze text inputs such as “grounds for suspicion.”
FINnet 2.0 aims to advance FIU’s “analysis and data processing capabilities” and consists of three subsystems.
While FINGate is aimed at collecting information from banks, financial institutions and intermediaries, FINCore is aimed at analysis by FIU experts and FINex is aimed at collecting information from banks, financial institutions and intermediaries, while FINex is aimed at collecting information from banks, financial institutions and intermediaries, while FINex is aimed at collecting information from banks, financial institutions and intermediaries. used to distribute financial intelligence reports to snooping organizations such as Among others, the IB, military intelligence, and NTRO.
The most important area of ​​this technology setup, FINCore uses artificial intelligence and machine learning to generate summaries and share suspicious transaction reports with various law enforcement agencies based on risk profiles, the company said. Ta.
This third subsystem collects data from external databases such as Central Board of Direct Taxes (CBDT), Ministry of Corporate Affairs, National Payments Corporation of India (NPCI), Central Registrar of Securitized Assets Reconstruction Security Interests (CERSAI), and Central Depositories. Use the information. Services Ltd. (CDSL) and National Securities Depository Limited (NSDL) aim to “develop a complete picture of the entity in question and assist in more effective resolution and identification of the entity”.
The report states that as FIUs handle “sensitive” financial data, confidentiality and data security are key elements of the upgraded IT systems.
“To ensure the security of your data, we provide strong end-to-end encryption, automatic blocking of logins after a certain number of failed login attempts, controlled access to content stored on the portal, and logging of security incidents. A variety of measures are in place, including identity management solutions that allow individuals to manage their security rights and privileges.