Bank Account: The report suggests that AI and machine learning could be integrated into transaction monitoring systems.
All the banks serving in the country want to increase their powers. All the banks in the country want to seize the accounts involved in illegal transactions to curb cyber crime through fake accounts. Banks say that in such cases, a lot of valuable time is wasted in getting orders from the authorities, but it is very important to take quick action in these cases. Let us tell you that banks seize accounts on the basis of certain reasons. However, according to the Prevention of Money Laundering Act (PMLA), banks do not have the right to seize the customer’s account without getting approval from the court or law enforcement agencies (LEA), even if he is involved in cyber crime.
Indian Banks Association will send suggestions to RBI
A working group of the Indian Banks Association (IBA) said in its report, “Keeping this issue in mind, we can suggest to the Reserve Bank of India (RBI) to consider it further.” Let us tell you that cyber fraudsters use these fake accounts to illegally manipulate money through the banking system itself. Banks seize thousands of such accounts every year, but these cyber fraudsters quickly create new accounts by taking advantage of the vulnerabilities in the banking system.
Suggestion to use Election Commission data
Banks have also proposed to use Election Commission data for verification of people opening accounts using voter ID card and Form 60 in the absence of PAN number and to set a limit on the number of transactions on such accounts. The report suggests that AI and machine learning can be linked to the transaction monitoring system. The working group said that investment in technology, training of staff and collaboration between stakeholders could make the financial sector more secure.
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