Rosfinmonitoring to Track Cryptocurrency Transactions Using Artificial Intelligence
Rosfinmonitoring, Russia’s Federal Financial Monitoring Service, is planning to develop a system for analyzing cryptocurrency transactions using artificial intelligence (AI). The project, called “Transparent Blockchain,” has been proposed for inclusion in the federal “Artificial Intelligence” initiative. This information was reported by RBC, citing a letter sent by the federal service to Maxim Parshin, Deputy Minister of Digital Development, Communications, and Mass Media.
Key Features of the System
- Analyze the movement of digital financial assets and identify service providers;
- Conduct investigations related to the illegal circulation of such assets;
- Partially remove the anonymity of transaction participants in systems like Bitcoin, Ethereum, Omni, Dash, and Monero;
- Scan the internet to detect images containing fundraising details in cases of suspected terrorist financing, and to identify messages related to money laundering and terrorist financing.
Previously, the project was funded by non-budgetary sources, but additional financing will be required in the future. The estimated cost of the project is 760 million rubles.
Development and Implementation
The prototype of the system was developed in collaboration with the Lebedev Physical Institute. It has already been tested in the fight against drug trafficking. The Ministry of Internal Affairs has reportedly shown interest in the system, as have financial intelligence agencies from several other countries.
The project requires 760 million rubles over three years: 440 million rubles in 2021, 230 million rubles in 2022, and 90 million rubles in 2023.