Regulator to use AI, big data to combat financial crimes
SEOUL, Jan. 17 (Yonhap) -- Financial authorities said Wednesday that they will use artificial intelligence (AI) technology and big data analysis to automate some of South Korea's systems that are used to investigate financial crimes.
In a statement, the Financial Supervisory Service (FSS) said it will build a "consolidated analysis system based on big data" by 2020 to better fight crimes, such as stock price manipulations and accounting fraud.
The system will automatically analyze documents, news reports and social media networks of financial firms, according to the statement.
It will help financial firms reduce customer complaints, while allowing financial regulators to better inspect irregularities, it said.
By 2020, the system will be equipped with machine-learning capabilities to expand the scope of its inspection into financial transactions, the FSS said.
Officials have said financial regulators would embrace new technologies to cut costs.
Kim Yong-beom, vice chairman of the Financial Services Commission, has said an information analysis system using AI would help financial authorities process the growing number of financial transaction reports in a more sophisticated and systematic manner.
"With the new system, we will be able to respond more effectively to new types of money laundering schemes," Kim told a recent international conference.
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