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BIS Plans To Use AI To Monitor Global Bank Transactions

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The Bank of International Settlements (BIS) is working on an AI system to monitor global transactions. It says it’s in an effort to combat money laundering.

The system, dubbed Project Aurora, will use machine learning to track financial transactions globally to flag patterns of money laundering. According to the BIS, the system can identify money laundering structures performed by money mules.

However, for the system to achieve its goal, governments and corporate banks will have to allow streamlined access and open their systems for the AI to monitor transactions. Some banks already use AI systems to flag unusual behavior. However, Project Aurora will require global access on a terrifying scale in terms of privacy.

The idea of combatting “money laundering” is being used to justify giving governments and banks surveillance power over financial transactions.

The project could be abused to target people for both their financial and political activities.

The BIS is also working on Project Icebreaker, which would create a system where all banks can regulate and homogenize all currencies to create one global exchange model and give the BIS the power to punish and country or company that goes against its ideologies.

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