[Herald Interview] Korea to introduce AI to filter out financial crimes

To ramp up its contribution to global fights against money laundering and terrorism financing, South Korea will introduce an artificial intelligence-based system to better filter out financial crimes, said the country's financial intelligence chief. Yoo Kwang-yeol, commissioner of the Korea Financial Intelligence Unit, said his agency is currently working to upgrade the main system that stores and analyzes information regarding hundreds of millions of financial transactions in order to increase accuracy of capturing suspicious transactions out of normal ones. Yoo Kwang-yeol, commissioner of Korea Financial Intelligence Unit speaks during an interview at his office in Gwanghwamun, central Seoul, Dec. 6. For this, a group of KOFIU experts paid a trip to Australia earlier this month to learn from the Australian financial intelligence system. "AI can help improve efficiency of sorting out suspicious financial transactions and accuracy of analyzing related account information," Yoo said.