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Manila Bulletin devider Business devider Banking & Finance devider AMLC to use AI against money laundering activities

AMLC to use AI against money laundering activities

Published Aug 27, 2024 04:56 am

The Anti-Money Laundering Council (AMLC) has announced plans to implement an artificial intelligence (AI) system aimed at enhancing the detection and monitoring of money laundering activities in the country.

During the Department of Finance (DOF) budget deliberations on Tuesday, Aug. 27, AMLC Executive Director Matthew M. David said that the AI project is currently in development and is expected to be completed by the end of this year.

David noted that AMLC has partnered with a local IT firm, MDI, which is a joint venture with Tiger Inc.

Once the project is completed, David said AMLC will begin procuring a subscription for the AI system, which is estimated to cost more than P50 million annually.

“We already procured the suppliers more than a year ago. And in fact, Madam Chair, the proposed budget for the procurement of the subscription for the AI, which is in our proposed budget, is more than P50 million,” David said during the hearing.

David said that the annual subscription would account for the largest share of the AMLC's ICT budget for the upcoming year.

“If you develop an AI, you need a subscription also annually,” he said. “It will be completed this year, but it will be operational early next year.”

The decision to use AI for monitoring money laundering comes after the report from the Financial Action Task Force (FATF) in June that placed the country on its “grey list,” highlighting the urgent need for enhanced anti-money laundering and counter-terrorism financing measures.

President Marcos has already instructed relevant government agencies to address the issues surrounding the Philippines' "greylisting."

Davide, meanwhile, assured that the AMLC will persist in implementing its action plan to address remaining deficiencies.

“We welcome FATF’s recognition of the country’s progress in strengthening its position in the global fight against financial crimes, even as we remain focused on addressing remaining action plan items,” David said.

Related Tags

AMLC Artificial Intelligence (AI) Anti-Money Laundering Council (AMLC) Matthew David
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