Russia’s Central Bank has introduced a new law to control cryptocurrency and financial crime. Manmade Perception Has announced the launch of the platform. This platform will especially monitor and help stop illegal transactions taking place through crypto-to-fiat over-the-counter (OTC) services. This initiative is being done in collaboration with Russia’s financial monitoring agency Rosfinmonitoring and other financial organizations.
AI is an advanced technology to keep an eye on illegal transactions.
This AI platform will be focused on identifying people who are called “Mules” or “Droppers”. These people use their bank accounts for illegal activities like money laundering, drug smuggling and irregular cryptocurrency exchange. The new system will also have the capability of data analysis along with information on irregular transactions and real-time monitoring.
Earlier, traditional “know your client” (KYC) systems primarily monitored business profiles and took action only when sensitive activity was detected. But the new system will assess the risk at the personal level and identify potential threats in advance.
Centralized Database and Information Sharing Scheme
According to the Central Bank of Russia, 44.9 billion rubles (about $584 million) of cash withdrawal activity through bank accounts was investigated in 2023. However, the current monitoring system is limited to personal banks only, making it easier for criminals to open accounts at other institutions.
To deal with this problem, a centralized database is being prepared which will facilitate sharing of information among all financial organizations. This database will play an important role in tracking and preventing financial crimes. However, no official time limit has been set yet for the launch of this platform.
Conclusion
This AI platform of Russia cryptocurrency And can prove to be an important step in fighting financial crimes. This new technology will not only help in identifying sensitive activities but will also strengthen the security of the country’s banking system. Centralized databases and information sharing schemes will increase collaboration between financial organizations, making it more difficult for criminals to infiltrate financial networks. With the successful execution of this platform, crypto and financial crimes can be controlled not only in Russia but at the global level.
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