How effective is India’s digital banking system against money laundering?

By The Hindu

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Technology, and especially AI, are no longer just a tool for humans. Today they control our choices, shape our daily routines, and determine how we invest our energies. This is true at the level of the individual, and also at the level of the nation-state. While at the individual level, the key question concerns freedom, for the nation-state, it’s more about sovereignty – does India get to independently decide its own policies, or are they pre-decided for it by other geopolitical actors? A good example is how our banks do KYC. Thanks to a poorly designed framework, it has served as a blunt tool for mindless harassment and has failed to curb violations of sovereignty via money-laundering. If we can’t get a simple KYC right, how well is India placed to navigate the complex landscape of fast-evolving LLMs and AI models, which pose major challenges to freedom and sovereignty? A new book, titled ‘Power of Uncertainty: The Battle for Privacy, Identity and Sovereignty’ tries to answer thes

Tags: AI, artificial intelligence, digital sovereignty, India digital sovereignty, data privacy, privacy, digital identity, cybersecurity, KYC, know your customer, money laundering, artificial intelligence models, LLMs, large language models, AI governance, AI regulation, technology and sovereignty, national sovereignty, data protection, digital governance