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South Korea To Leverage AI To Filter Out Financial Crimes

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South Korea To Leverage AI To Filter Out Financial Crimes

South Korea will be introducing an artificial intelligence-based system to better filter out financial crimes, said Yoo Kwang-yeol, Commissioner of the Korea Financial Intelligence Unit (KOFIU).

This is an effort to ramp up its contribution to global fights against money laundering and terrorism financing, according to a report by The Korea Herald on 18 December 2016.

KOFIU is currently working to upgrade the main system that stores and analyses information regarding hundreds of millions of financial transactions. The aim is to increase accuracy of capturing suspicious transactions out of normal ones.

The agency currently has 64 experts on financial intelligence. This is a relatively small workforce considering the rising number of suspicious transactions.

"Financial crimes in disguise of financial technology (fintech) and global trade are also on the rise," said Yoo. "The annual figure for suspicious transactions jumped from 620,000 last year to 800,000 this year as the economy gets more complicated."

As part of the policy efforts with regards to anti-money laundering, South Korea is revising laws to mandate lawyers, accountants, real estate agents, and jewelry sellers to keep records of large financial transactions starting in 2018 in line with international standards to counter money laundering.

Currently, only financial institutions and casinos are required to do so. 

Source: MIS Asia

By Pathay Singh on 01/03/17