The Ethiopian Artificial Intelligence Institute has signed an agreement with the Financial Intelligence Service to develop an artificial intelligence system aimed at strengthening the country’s fight against money laundering and terrorism financing.
The agreement was signed on Tuesday by EAII Director-General Worku Gachena and FIS Director-General Muluken Amare.
Under the deal, the institute will develop an AI-powered platform within 52 weeks to enhance the Financial Intelligence Service’s ability to detect and respond to illicit financial activities. The system is expected to improve the analysis and monitoring of large volumes of financial transaction data, helping authorities identify potential risks linked to money laundering and terrorism financing.
Gachena said the institute is committed to delivering a system that meets international standards and best practices within the agreed timeframe. He noted that integrating AI into financial intelligence operations would significantly strengthen analytical capacity and oversight.
He added that developing the system locally would not only safeguard Ethiopia’s financial sector but also contribute to regional and global efforts to combat financial crime.
Amare emphasized the growing importance of artificial intelligence in analyzing complex datasets and tackling sophisticated financial crimes. He said the system would use advanced data analysis techniques to identify patterns associated with illicit financial activity, enabling faster and more effective responses to emerging threats.
The agreement marks a key step in Ethiopia’s efforts to apply AI technologies to enhance financial security and address the increasing complexity of money laundering and terrorism financing.
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