The Need of AI-based Solution to Respond to Rapidly Increasing Financial Crimes in East Asia

AI Technology

Manila, 14 may 2023 — For more than seventy years, East Asia has been the nexus of US presence and engagement in Asia. Today, the region is becoming a hotbed for the return of great power competition with long-term US allies and partners like Japan, the Republic of Korea, and Taiwan next door to competitors and challengers including China, Russia, and the Democratic People’s Republic of Korea. While East Asia continues to navigate a number of longstanding traditional security issues, it must also address the rise of online disinformation, competition to pioneer emerging technologies, and more.

Advances in artificial intelligence (AI) make headlines almost daily, while the anti-corruption community is increasingly recognizing the impact of intelligent machines. Policy institutions and academics highlight the potential use of AI to detect fraud and corruption. While this bright side even leads some to proclaim AI as the “next frontier in anti-corruption,” the dark side of AI — as a new powerful enabler of corruption — has received much less attention.

Praveen Kumar , CIO IFI, said, “We are thrilled will be deploying AI-based transaction monitoring & fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure nations have a safe and seamless experience. This can be achieved by reducing false positives . We look forward to working closely with the nations in its fight against financial crime.” When applying enhanced due diligence measures, countries should ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are not disrupted.

He was addressing the 19th Terrorism and financial crime conference in manila  with nine nations deputy CIO and a strong workforce nearly deploying 250 active intelligence officers from the world .


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