Fintech companies worldwide are harnessing advanced surveillance mechanisms driven by artificial intelligence to sift through vast volumes of data and identify potential money laundering patterns, according to Rajesh Mirjankar, Managing Director of Kiya.ai.
Speaking during the Global Fintech Fest 2023 in Mumbai, Mirjankar highlighted how technology has transformed the investigation landscape for regulatory agencies and government institutions. He noted that when anti-money laundering efforts began, regulations were straightforward, and investigations were laborious. However, the evolution of customer due diligence and transaction pattern analysis has changed the game.
Kiya.ai, a digital solutions service provider with a global presence and 600 enterprise clients across 56 countries, now employs AI to scan extensive datasets, analyze patterns, examine social and company profiles, and detect unusual money movements, such as fund siphoning or serious financial fraud, beyond traditional money laundering.
Discussing India’s fintech sector growth, Mirjankar predicted that the country is heading towards one billion transactions a day. India recently recorded a staggering 10.58 billion UPI (Unified Payments Interface) transactions in a month, totaling Rs 15.76 lakh crore in value. UPI has become a popular platform for retail digital payments in India and is expanding its reach.
Mirjankar also noted that India’s fintech achievements, including its G20 Presidency, have drawn partnerships and collaborations with countries like Sri Lanka, France, UAE, and Singapore in the realm of emerging fintech and payment solutions.
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