MuleHunter.AI:
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.
- MuleHunter.AI is the Artificial Intelligence/ Machine Learning-based model.
- It has been developed by the Reserve Bank Innovation Hub (RBIH), which is a subsidiary of Reserve Bank of India.
- This model enables detection of mule bank accounts in an efficient manner. A pilot with two large public sector banks has yielded encouraging results.
- Mule bank account is a bank account, used by criminals for illegal activities, including the laundering of illicit funds.
