Finextra: Mastercard launches a service in Asia Pacific, called Trace, that uses AI to identify and prevent ML and financial crime

Mastercard has warned that the rise of real-time payments in Asia Pacific has attracted money launderers and fraudsters exploiting rapid fund transfers across multiple accounts. The technology, already adopted by 21 firms covering 90% of the UK’s Faster Payments network, is now being introduced in the Philippines through a partnership with Banc Net onboarding 36 local banks. Mastercard says Trace will enhance security, protect consumers…