Mastercard launches TRACE AI anti-money laundering service in Asia Pacific

Mastercard has launched TRACE (Trace Financial Crime) in the Asia Pacific, beginning in the Philippines, to combat money laundering using artificial intelligence. This innovative solution harnesses payments data from multiple financial institutions, allowing for a comprehensive view that goes beyond the capabilities of traditional, siloed systems. TRACE aims to identify suspicious transaction patterns and alert banks proactively, addressing a significant gap in the current financial crime detection methods. The Philippines' implementation involves 36 domestic banks through the local interbank network, BancNet, and follows the service's successful rollout in the United Kingdom. With the rise of Real-Time Payments in the region, TRACE is designed to counteract the increased vulnerabilities exploited by money launderers. The system not only helps in tracking illicit funds but also supports compliance with local anti-fraud legislation.