Financial crime is becoming more technology-driven. Representatives from 10 countries met in Almaty to discuss how artificial intelligence can help identify suspicious transactions, analyze large datasets and detect new methods of laundering criminal proceeds, DKNews.kz reports.
Almaty hosted the “Risks and Threats of the Future” Forum of the Eurasian Group on Combating Money Laundering and Financing of Terrorism. The event brought together financial intelligence units, law enforcement and other competent authorities from 10 countries, as well as representatives of seven international organizations.
AI could help detect suspicious transactions
One of the forum’s key topics was the use of artificial intelligence and other modern technologies in financial intelligence.
The discussions focused on tools that can help identify suspicious transactions, process large volumes of data and improve the effectiveness of financial monitoring.
As financial schemes increasingly involve multiple accounts, numerous transfers and participants across different jurisdictions, analyzing individual transactions alone may not be enough. The forum examined how technology can help uncover connections within such networks.
Money mule schemes came under scrutiny
Participants also focused on money mule schemes, in which bank accounts or payment instruments may be used to receive and transfer funds linked to criminal activity.
The forum examined the typologies and vulnerabilities of such schemes, as well as practices used to identify their organizers.
A single account holder may represent only one link in a much larger financial chain. Investigators therefore need to establish not only where the money came from, but also where it moved next and who ultimately controlled the flow of funds.
Participants also discussed cross-border methods of laundering criminal proceeds. When money moves through the financial systems of several countries, investigations increasingly depend on cooperation between national authorities.
Confiscation of criminal assets was a separate focus
Another part of the forum was devoted to modern financial investigation mechanisms, confiscation of criminal assets and international cooperation.
Participants exchanged national practices for tracing funds, identifying assets and conducting cross-border financial investigations.
Detecting a suspicious transaction is only one stage of the process. Financial investigations also seek to trace the movement of funds and identify assets connected to criminal proceeds.
Ten countries shared their national practices
The exchange of experience between participating countries formed a major part of the forum.
Delegations presented national approaches and practices used to counter emerging financial threats. The participation of 10 countries and seven international organizations underscored the cross-border nature of modern financial crime.
The discussions in Almaty brought together three increasingly connected issues: artificial intelligence, cross-border money flows and money mule networks.
We previously reported on how people in Kazakhstan can be drawn into money mule schemes and the risks involved. The methods used to detect and disrupt such networks are now being discussed at an international level involving 10 countries and seven international organizations.
