Banks are looking to improve how they report suspicious transactions involving money mule accounts. The work with FIU-IND is aimed at making those reports more useful for analysis and for spotting patterns. The report does not specify a rollout date or identify the banks involved.

A key focus is improving the principal officer’s ability to analyse information and identify patterns. The emphasis is therefore not just on flagging an account, but on strengthening the examination of suspicious activity linked to it. However, the report does not describe the proposed reporting format or any specific changes to the officer’s responsibilities.

Artificial intelligence and machine learning tools are being deployed as part of this effort. Their use sits alongside the push for better reporting and analysis. Details of the tools, the information they will examine and how their findings will be assessed have not been stated.

The initiative follows recommendations from a parliamentary committee concerning accountability. The report links the current work to those recommendations but does not set out the committee’s individual proposals or explain how accountability will be assigned.