Why in the news?
The Reserve Bank of India (RBI) has launched the MuleHunter.AI tool through its Innovation Hub (RBIH).
Key points:
- This AI tool has been designed to find and identify mule bank accounts involved in money laundering and other illegal financial activities.
- This AI-based system has been developed by RBI's auxiliary unit, Reserve Bank Innovation Hub (RBIH).
- This initiative has been launched in view of the increasing cases of cyber crime in India.
- This will reduce the cases of financial crimes.
MuleHunter.AI-
- It makes the identification process of mule accounts faster and accurate using advanced machine learning algorithms.
- This AI tool analyzes data through advanced ML algorithms.
- It performs better than traditional rule-based systems.
- Two large public sector banks have pilot tested it and have shown excellent results.
- RBI is encouraging all banks to adopt this tool.
- This will make the entire banking system even more secure.
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Mule Accounts:
- These are used for illegal activities.
- Illegal money is deposited or transferred in these accounts.
- These accounts are used in the following activities-
- Money Laundering
- Illegal Betting
- Forex Trading
- Tax Evasion; etc.
- A money mule is a person who transfers illegally earned money on behalf of another person.
- These are often opened by innocent people in the greed of earning easy money or by forcing them to participate.
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Reserve Bank Innovation Hub (RBIH):
- It is a wholly-owned subsidiary of RBI.
- It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
- It was inaugurated by RBI Governor Shri Shaktikanta Das in March 2022.
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