NEW DELHI: Financial Intelligence Unit (FIU) has operationalised a sophisticated 2.0 model of its info know-how system, armed with synthetic intelligence and machine studying tools, to check money laundering and terrorist financing crimes within the nation’s financial channels. The improve of the technological spine was required as the amount of knowledge (suspicious transaction experiences) flagged by banks and numerous different monetary establishments to the FIU for evaluation and additional dissemination to investigative and intelligence organisations has been “increasing”, a contemporary report for the 2022-23 fiscal stated.
The company was arrange in 2004 to “play a decisive role in India’s fight against the menace of money laundering and terrorism financing” underneath the authorized setup of the Prevention of Money Laundering Act (PMLA).
The not too long ago launched report has been accessed by PTI which says that the Financial Intelligence Network (FINnet) 2.0 was envisaged because the nation’s regulatory surroundings has been altering, know-how panorama has been evolving and therefore an overhaul of the prevailing FINnet 1.0 system was required to obtain an environment friendly system of assortment, processing and dissemination of monetary intelligence.
“FINnet 2.0 leverages emerging technologies for superior analytical competencies, data quality improvement, incisive compliance monitoring and cutting-edge security tools for strengthening anti-money laundering and combating the financing of terrorism capabilities of FIU-India and its reporting universe,” the report stated.
It allows technology of threat scores for people, companies, experiences, networks and instances to have the ability to flag excessive threat instances, entities or experiences for speedy motion and it prioritises instances by utilizing threat analytics, it stated.
The 2.0 model has capabilities of “advanced analytics” by using synthetic intelligence and machine studying tools and a strategic evaluation lab to keep abreast with the developments in anti-money laundering and rising applied sciences, the report stated.
The new system additionally makes use of pure language processing (NLP) and textual content mining tools to analyse textual inputs like ‘grounds of suspicion’.
The FINnet 2.0 is aimed to present sophistication in FIU’s “analytical and data processing capacity” and it contains of three sub-systems.
While FINGate is supposed for info assortment from banks, monetary establishments and intermediaries, FINCore is for analytics by FIU specialists and FINex is used for disseminating monetary intelligence experiences to probe companies just like the Income-tax division, ED, CBI, DRI and snooping organisations just like the IB, navy intelligence and the NTRO amongst others.
FINCore, an important vertical of this know-how setup, makes use of synthetic intelligence and machine studying to generate summaries and sharing suspicious transaction experiences with numerous regulation enforcement companies based mostly on threat profile, it stated.
This third sub-system makes use of info from exterior databases just like the Central Board of Direct Taxes (CBDT), Ministry of Corporate Affairs, National Payments Corporation of India (NPCI), Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), Central Depository Services Ltd. (CDSL) and National Securities Depository Limited (NSDL) to draw a “holistic picture of the entity in question and helps in more effective resolution and identification of the entity”.
The report acknowledged that because the FIU offers with “sensitive” monetary information, confidentiality and information safety had been necessary element of the upgraded IT system.
“Various measures are put in place to ensure security of data, including strong, end-to-end encryption, automatic blocking of logins after a set number of unsuccessful login attempts, controlled access to content stored on the portal, logging of security incidents, identity management solution capable of managing security rights and privileges by individuals,” it stated.
The company was arrange in 2004 to “play a decisive role in India’s fight against the menace of money laundering and terrorism financing” underneath the authorized setup of the Prevention of Money Laundering Act (PMLA).
The not too long ago launched report has been accessed by PTI which says that the Financial Intelligence Network (FINnet) 2.0 was envisaged because the nation’s regulatory surroundings has been altering, know-how panorama has been evolving and therefore an overhaul of the prevailing FINnet 1.0 system was required to obtain an environment friendly system of assortment, processing and dissemination of monetary intelligence.
“FINnet 2.0 leverages emerging technologies for superior analytical competencies, data quality improvement, incisive compliance monitoring and cutting-edge security tools for strengthening anti-money laundering and combating the financing of terrorism capabilities of FIU-India and its reporting universe,” the report stated.
It allows technology of threat scores for people, companies, experiences, networks and instances to have the ability to flag excessive threat instances, entities or experiences for speedy motion and it prioritises instances by utilizing threat analytics, it stated.
The 2.0 model has capabilities of “advanced analytics” by using synthetic intelligence and machine studying tools and a strategic evaluation lab to keep abreast with the developments in anti-money laundering and rising applied sciences, the report stated.
The new system additionally makes use of pure language processing (NLP) and textual content mining tools to analyse textual inputs like ‘grounds of suspicion’.
The FINnet 2.0 is aimed to present sophistication in FIU’s “analytical and data processing capacity” and it contains of three sub-systems.
While FINGate is supposed for info assortment from banks, monetary establishments and intermediaries, FINCore is for analytics by FIU specialists and FINex is used for disseminating monetary intelligence experiences to probe companies just like the Income-tax division, ED, CBI, DRI and snooping organisations just like the IB, navy intelligence and the NTRO amongst others.
FINCore, an important vertical of this know-how setup, makes use of synthetic intelligence and machine studying to generate summaries and sharing suspicious transaction experiences with numerous regulation enforcement companies based mostly on threat profile, it stated.
This third sub-system makes use of info from exterior databases just like the Central Board of Direct Taxes (CBDT), Ministry of Corporate Affairs, National Payments Corporation of India (NPCI), Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), Central Depository Services Ltd. (CDSL) and National Securities Depository Limited (NSDL) to draw a “holistic picture of the entity in question and helps in more effective resolution and identification of the entity”.
The report acknowledged that because the FIU offers with “sensitive” monetary information, confidentiality and information safety had been necessary element of the upgraded IT system.
“Various measures are put in place to ensure security of data, including strong, end-to-end encryption, automatic blocking of logins after a set number of unsuccessful login attempts, controlled access to content stored on the portal, logging of security incidents, identity management solution capable of managing security rights and privileges by individuals,” it stated.
