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

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.