RBI Unveils MuleHunter AI to Combat Financial Fraud The Reserve Bank of India (RBI) has introduced an advanced artificial intelligence (AI) tool named MuleHunter to strengthen the fight against financial fraud. The tool is designed to track and identify suspicious banking activities, particularly focusing on fraudulent transactions linked to mule accounts. Mule accounts are typically…
FATF Report on India: Observations and Significance The recent Financial Action Task Force (FATF) report on India has highlighted significant observations regarding the country’s progress in combating money laundering and terrorist financing. The FATF, an intergovernmental organization, aims to develop policies to combat these illicit activities. India’s engagement with the FATF has intensified as the…
Elisa de Anda Madrazo Assumes FATF Presidency for 2024-2026 Elisa de Anda Madrazo has officially taken over the presidency of the Financial Action Task Force (FATF) for the term spanning 2024 to 2026. This prestigious appointment marks a pivotal moment in global financial governance, as Madrazo becomes the first Mexican to lead the FATF. Her…
PMLA 2002 Amended to Include Cryptocurrency Trade The Indian government has recently amended the Prevention of Money Laundering Act (PMLA) 2002 to include transactions related to cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies. This move comes after the Reserve Bank of India (RBI) had banned banks from dealing with cryptocurrency exchanges in 2018,…
