• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Governor Sees AI As Key Tool To Combat Money Laundering

OMMCOM NEWS by OMMCOM NEWS
March 26, 2025
in Business
RBI Governor

Mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday said that considering the evolving landscape of money laundering, regulators will need to continuously augment artificial intelligence (AI) and Machine Learning (ML) risk assessment framework to make appropriate system enhancements.

Addressing the Financial Action Task Force (FATF) Private Sector Collaborative Forum 2025 event here, the RBI Governor pointed out that technology has enabled greater ease of doing business, but at the same time, it has also facilitated and fostered new and very sophisticated means of money laundering and illicit financing. This makes it imperative to refine and improve risk assessment models.

He also urged the central banks to understand the latest trends and developments in the financial world that can be exploited by criminal elements. By understanding this, he said, central banks should develop rules and frameworks which detect suspicious transactions early, and take pre-emptive action.

At the same time he also had a word of caution for policymakers. “While we continue to make our financial systems safe and secure against money laundering and terrorist financing, we as policymakers need to be mindful that our measures are not overzealous and do not stifle legitimate activities and investments,” Malhotra observed.

“Therefore, we need to have laws and regulations, which with surgical precision, target only the illegitimate and the illicit, rather than use very broad and blunt tools, which unintentionally hurt even the honest,” he said.

He also highlighted the need to improve the quality of data that is received, and the need to harness the evolving technologies that are coming in, whether it is artificial intelligence or blockchain technology or machine learning.

“This will help us in improving the screening of transactions and detection of suspicious activities, thereby reducing errors, false positives, false negatives,” he added.

Malhotra further stated that the RBI will continue to work towards fulfilling the commitment to effectively implement the next phase of the G20 roadmap towards inclusive cross-border payments by 2027.

“We are all aware that a lot of work needs to be done over there. It’s only a matter of time, I think that cross-border payments will also become much easier and cost-effective. To meet the G20 objective of making cross-border payments faster, cheaper, convenient and transparent, it would be desirable to make the travel rules technology neutral,” he added.

The RBI Governor also said that regulations should not create unintended barriers to financial inclusion. “We need to be mindful of customer rights and convenience while fulfilling due diligence requirements,” he remarked.

(IANS)

Tags: Artificial Intelligence (AI)RBI GovernorReserve Bank Governor Sanjay Malhotra
ShareTweetSendSharePinShareSend
Previous Post

Airlines To Operate Record 25,610 Flights A Week In Summer

Next Post

‘Insensitive, Inhumane’: SC Stays Allahabad HC Observations On Attempt To Rape

Related Posts

Business

India’s Exports Of Pharmaceuticals, Textiles, Jewellery To US Likely To Go Up After Bilateral Trade Pact

June 23, 2025
Business

Air India Express Flight From Delhi To Jammu Returns Midway, Airline Cites Technical Issue

June 23, 2025
Indian stock markets
Business

Sensex Ends Lower In Volatile Session As Mideast Tensions Flare Up

June 23, 2025
Business

Saudi Arabia, Russia Offer Oil Supply Continuity For India Amid Iran’s Hormuz Uncertainty

June 23, 2025
Business

India’s Export Sector Stands Strong Amid Rising Geopolitical Tensions: FIEO

June 23, 2025
Global Economy
Business

India’s Economic Activity Surges To 14-Month High: Report

June 23, 2025
Next Post
Supreme Court

‘Insensitive, Inhumane’: SC Stays Allahabad HC Observations On Attempt To Rape

Thiruvananthapuram’s Selection As WC Venue Will Boost Women’s Cricket In Kerala: KCA Official

Indians Can Avert Power Shortages, Save Rs 2.2 Lakh Cr With Energy Efficient ACs

Khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.