Korea to introduce AI to filter out financial crimes

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. "We are considering an uptake of the artificial intelligence technology to improve the current intelligence system by benchmarking advanced systems in countries like Australia and Canada," Yoo said in an interview with The Korea Herald. Yoo Kwang-yeol, commissioner of Korea Financial Intelligence Unit speaks during an interview at his office in Gwanghwamun, central Seoul, Dec. 6. Ahn Hoon/The Korea Herald 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.