As a seasoned analyst with years of experience in the financial sector, I find this move by Russia’s central bank to be a prudent step towards enhancing financial security and integrity. The use of AI technology to thwart illegal activities is not only timely but also essential in today’s digital age where crypto transactions have become increasingly popular.
As a crypto investor, I’m excited about Russia’s upcoming move to combat illegal activities in our space. They’re planning to roll out an advanced AI platform to target unregulated over-the-counter (OTC) crypto-to-fiat transactions, which is a significant step towards maintaining the integrity of our market. This initiative involves teaming up with Rosfinmonitoring and several other financial institutions to monitor and block any questionable transactions. By doing so, they aim to safeguard banking systems from misuse and maintain transparency in our transactions.
The system will concentrate on locating people often referred to as ‘Mules’ or ‘Drop-off Points’, who employ bank accounts for illicit activities such as money laundering, narcotics trading, and unauthorized cryptocurrency transactions.
As per reports, the novel system is designed to provide details about unusual transactions and employs AI data analysis combined with real-time tracking to single out potentially risky accounts proactively. In contrast to conventional Know Your Customer (KYC) systems that primarily concentrate on scrutinizing business profiles and respond only when suspicious activity occurs, this advanced threat profiling system evaluates risks on an individual level.
In 2023, the Central Bank has noticed that withdrawing funds via bank accounts remains a considerable hurdle, as checks amounting to approximately 44.9 billion rubles ($584 million) have been issued this way. At present, surveillance is limited to individual banks, making it tough to halt criminals from opening accounts at different financial institutions.
A unified data system is currently under construction to facilitate easier information exchange across all financial organizations. As of now, there isn’t a specific release date announced for this new system.
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2024-12-27 10:45