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Mastercard has introduced an artificial intelligence-powered anti-money laundering (AML) solution, Trace, in the Asia Pacific region to combat financial crime more effectively. The new service leverages AI-driven analytics and extensive payment data from multiple financial institutions to detect and prevent illicit activities across the financial network.
With the rapid adoption of real-time payments in Asia Pacific, fraudsters and money launderers have increasingly exploited the system by moving funds quickly between multiple accounts to evade detection. Traditional financial institutions have primarily relied on semi-manual processes or in-house AI systems, which often lack the broader, network-level intelligence required to trace sophisticated money laundering schemes.
Mastercard’s Trace addresses this gap by utilizing advanced data science techniques to identify suspicious transaction patterns across entire payment ecosystems. It proactively alerts banks about potential fraudulent activities, enabling financial institutions to respond more swiftly and effectively.
The technology has already seen success in the UK, where it is used by 21 financial institutions covering 90% of the country’s Faster Payments Service network. Now, the Philippines is the first market in Asia Pacific to implement Trace, with Mastercard collaborating with the country’s interbank network, BancNet. So far, 36 domestic lenders have onboarded the system.
Matthew Driver, Executive Vice President of Services, Asia Pacific, Mastercard, emphasized the significance of the launch, stating:
“By ensuring that transactions remain secure and compliant, Trace helps protect consumers and financial institutions while fostering trust in the digital economy—an essential factor for the region’s economic growth.”
With this expansion, Mastercard aims to strengthen financial security and compliance in Asia Pacific, reinforcing the region’s resilience against financial crime.
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