Central Anti-Money Laundering control system using agents technology

The criminal individuals and organizations in today´s world including terrorists have taken advantage of the available financial systems, to launder money from illegal proceeds and for their illegal activities. India is particularly under threat from terrorists and it also has been difficult to track down the finance of criminal elements. There have been some proposals in the past for anti money laundering [AML] solutions. However none of them were able to be very effective in India, as our country´s vastness, and lack of AML compliance by banks was not taken to consideration. In our approach, after considering the fact that the government in India plays a significant role in regulating the economy and financial practices, we propose a system in which there is central monitoring system, controlled by an independent central agency, which in turn is connected to many regional centres throughout the country, using agents technology. Each of these regional centres will be connected to banks within their given areas. The regional centres will monitor the transactions of all the different banks in a given area and report the suspicious customers back to the central monitoring system. Then central monitoring system reports to the officials concerned and it is investigated into. This is novel agent based approach for a national framework, which is India specific, will ensure the enforcement of AML laws in our country, as every bank will be required to register themselves with a regional monitoring system.