FortytwoMaru, Successful Commercialization of AI-Based Anti-Money Laundering System

Advancing Anomaly Transaction Prevention System through Proprietary Engine Commercialization
Reducing Operating Costs by Providing Management Tools Easy for General Users to Use

Artificial intelligence startup FortyTwoMaru showcased its self-developed optical character recognition natural language processing engine at 'AI Korea 2021,' the largest AI exhibition in Korea, held on the 1st at BEXCO in Busan.

[Asia Economy Reporter Kim Cheol-hyun] Artificial intelligence startup FortyTwoMaru (CEO Kim Dong-hwan) announced on the 10th that it has succeeded in commercializing a trade-based suspicious transaction prevention system.

'Trade-Based Money Laundering (TBML)' refers to suspicious or abnormal transactions such as sanction risk transactions based on trade, fraud disguised as trade transactions, and trade embezzlement transactions. The system to prevent this is known as 'anti-money laundering' technology, which detects illicit transactions for money laundering among overseas remittances. FortyTwoMaru succeeded in advancing the outdated trade-based suspicious transaction prevention system by using its self-developed optical character recognition natural language processing engine.

The optical character recognition natural language processing engine, which FortyTwoMaru has completed commercializing, automatically performs actions based on artificial intelligence technology such as classifying formats from characters recognized in overseas remittance invoices, recognizing items and contents, and detecting typos. According to FortyTwoMaru, it has improved the performance and effectiveness of suspicious transaction prevention systems with superior recognition rates compared to other companies. Additionally, it provides management tools that can be easily used by general users without technical knowledge, reducing system operation costs.

Kim Dong-hwan, CEO of FortyTwoMaru, said, "As the use of digital platforms and digital wallets increases, the demand for anti-money laundering technology to detect illegal financial transactions is also rising, and the market is expected to reach about 3.7 billion dollars by 2026." He added, "FortyTwoMaru's technology is being commercially developed not only in the financial sector but also in fields such as pharmaceuticals and construction, and discussions are underway with North American companies for solution adoption."

This content was produced with the assistance of AI translation services.