Hana Financial Group made an announcement on May 22nd regarding the successful collaboration between Hana Bank and Hana Institute of Technology (Hana TI) in the development of a Machine Learning Model (ML) for Anti-Money Laundering (AML).
Money laundering, which involves concealing illegal activities through financial transactions, poses a significant risk as it can facilitate large-scale financial crimes. Furthermore, money laundering techniques continue to evolve, emphasizing the growing importance of early detection and prevention.
To address this challenge, Hana Institute of Financial Convergence Technology took the initiative to develop their own "AML ML" system based on AI technology. The primary objective was to establish a preemptive response system for secure financial transactions. Hana Bank's existing system was seamlessly integrated with this newly developed AML ML system.
Compared to the previous model, AML ML offered substantial improvements. Instead of solely providing quantified ratings for the likelihood of suspicious transactions, it now provided concrete evidence to determine the presence of suspicious transactions. Additionally, the model offered a detailed classification of these transactions based on their level of importance.
By enhancing the accuracy of detecting suspicious transactions, AML ML facilitated the creation of a user-friendly system that enabled staff members to identify and assess suspicious activities more efficiently and effectively. The integration of AI technology ensured the provision of highly reliable data throughout the process.
Hana TI will continue to fulfill its social responsibilities, such as efforts to prevent finance-related crimes, including money laundering, by expanding and advancing the application areas of its own AML ML without relying on external technologies," said an official of Hana TI.
