February 13, 2025

MuleHunter.AI

Current Context : Recently, the Reserve Bank of India asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud

What is MuleHunter.AI?

AI/ML-based model developed by the Reserve Bank Innovation Hub (RBIH), a subsidiary of RBI.

Detects mule accounts used in financial fraud.

Key Features:

  • Mule Detection: Identifies suspicious accounts used for illegal fund transfers.
  • Real-time Monitoring: Flags fraudulent transactions promptly.
  • Advanced Analytics: Uses data patterns to preempt scams.

Collaboration: Connects banks, payment services, and law enforcement for better fraud prevention.

Regulatory Compliance: Assists in anti-money laundering (AML) and combating terrorism financing (CFT).

About Mule Accounts

  • Definition: Bank accounts used by criminals for laundering illicit funds.

Involvement:

  • Often acquired from low-income or technically naive individuals.
  • Victims, known as money mules, unknowingly facilitate crimes and face investigations.
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