India's FIU Unveils Advanced Technology System to Combat Financial Crimes

• 06 May 2024

On 5th May 2024, India’s Financial Intelligence Unit (FIU) launched FINnet 2.0, integrating AI and machine learning tools.

Key Points

• Rising Data Volume Demands Technological Upgrade: Increase in suspicious transaction reports prompts the need for enhanced analytical capabilities.
• Established to Fight Money Laundering and Terror Financing: FIU, founded in 2004 under the Prevention of Money Laundering Act, aims to combat financial crimes.
• FINnet 2.0 Enhances Analytical Competencies: New system leverages emerging technologies for better analytical capabilities and compliance monitoring.
• Key Features Include Risk Analytics and AI Integration: FINnet 2.0 prioritizes cases using risk analytics and employs AI for advanced analytics.
• Sub-Systems for Information Collection and Dissemination: FINnet comprises FINGate for data collection, FINCore for analytics, and FINex for intelligence dissemination.
• Focus on Data Security and Confidentiality: Strong encryption and access controls ensure confidentiality and data security of sensitive financial information.