Reserve Bank of India Governor Sanjay Malhotra said on Wednesday that regulators should constantly strengthen the assessment framework through Artificial Intelligence (AI) and Machine Learning (ML) etc."Text-Align: justify;"> Addressing the people at an event, the RBI Governor said that technology has provided more ease of doing business, but at the same time, it has made money laundering and illegal funding methods very advanced. Due to this, it becomes mandatory to make the risk assessment model better. He also urged central banks to understand the latest trends and development in the financial world, which can be availed by criminal elements. He also cautioned policy makers.

Sanjay Malhotra said this big thing

Sanjay & nbsp; Malhotra said, "We continue to make our financial systems safe and protected against money laundering and terrorist funding, we should take care as policy makers that our measures are not very enthusiastic and do not disrupt legitimate activities and investments." He further said that central banks should develop such rules and outlines that can find out the suspicious transactions in advance and take action. He said that there is a need to improve the quality of the data received. Also emphasized the need to use the upcoming technology, whether it is AI or blockchain technology or machine learning.

Help will be helped in detecting suspicious activities

According to Sanjay Malhotra, "This will help us investigate the transaction and detect suspicious activities, which will reduce mistakes, false positivity and false negativity." He further stated that RBI will continue to work towards fulfilling the commitment to effectively implement the next phase of the G20 roadmap in the direction of Inquictive Cross-Border Payment by 2027.

RBI Governor also said that regulators should not have unexpected obstacles in financial inclusion. Malhotra said, "We should take care of customers’ rights and facilities while taking action to prevent crimes."

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