Genius Group Wins Council of Europe Competition for ‘Genius Nation’ AI System and Completes Delivery
Genius Group (NYSE American: GNS) has delivered a nationwide AI technology system to Kazakhstan's Asset Recovery Committee, following a global competition by the Council of Europe. The system, developed by Prime Source, a Genius Group company, connects over 50 government databases to more than 300 external data sources. It aims to identify and recover illegally obtained assets, potentially recouping billions in illegal funds.
The AI system, part of the 'Genius Nation' project, complements a recently completed $22 million contract with Kazakhstan's government. Eugene Sherbinin, CEO of Prime Source, expects the system to be important in recovering illegally acquired assets, including those internationally. According to the 2024 Global Financial Crime Report, over $3 trillion in illicit funds flowed through the global financial system last year. Kazakhstan's Anti-Corruption Agency reported recovering more than $2.2 billion from 2022 to 2024.
- Genius Group won a competitive contract from the Council of Europe for an AI asset recovery system
- The AI system connects over 50 government databases to more than 300 external data sources
- Potential to recover billions in illegal assets for Kazakhstan
- Complements a recently completed $22 million 'Genius Nation' contract with Kazakhstan's government
- Expands Genius Group's presence in the government AI solutions market
- None.
Insights
Genius Group's recent contract win and delivery of an AI-powered asset recovery system to Kazakhstan's government is a significant development. This $22 million 'Genius Nation' contract demonstrates the company's ability to secure high-value, government-level projects, potentially opening doors for similar opportunities in other countries.
The system's capability to connect over 50 government databases with 300+ external data sources showcases Genius Group's advanced AI and big data analytics capabilities. This could position the company as a leader in the growing market for AI-powered government solutions.
While the immediate financial impact may be to the
From a financial perspective, this contract likely represents a significant portion of Genius Group's revenue, given its market cap of around
Genius Group's AI system for asset recovery represents a cutting-edge application of artificial intelligence in the public sector. The system's ability to integrate vast amounts of data from diverse sources - including government databases, banking data and open-source intelligence - demonstrates advanced big data analytics and machine learning capabilities.
Key technical aspects to consider:
- Data Integration: The system's capacity to connect 50+ government databases with 300+ external sources is impressive, requiring robust data management and integration frameworks.
- AI and Machine Learning: The system likely employs advanced algorithms for pattern recognition, anomaly detection and predictive analytics to identify potentially illegal asset movements.
- Scalability: Given the vast amount of data processed, the system's architecture must be highly scalable and efficient.
- Security: Handling sensitive government and financial data necessitates top-tier cybersecurity measures.
The successful delivery of this system positions Genius Group as a capable player in the government AI solutions market. However, the true test will be in the system's ongoing performance and its ability to adapt to evolving financial crime tactics.
The implementation of Genius Group's AI system for asset recovery in Kazakhstan raises several important legal considerations:
- Data Privacy and Protection: The system's extensive data integration capabilities must comply with international and local data protection laws. This is particularly important given the sensitive nature of the financial and personal data being processed.
- Due Process: While AI can significantly enhance asset recovery efforts, it's essential that the system's findings are used in a manner that respects due process rights. The AI should be a tool to support human decision-making rather than replacing it entirely.
- International Cooperation: As the system aims to track assets globally, it will need to operate within the framework of international asset recovery agreements and treaties.
- Transparency and Accountability: Given the high-stakes nature of asset recovery, there should be mechanisms in place to ensure the AI system's decisions are explainable and can be audited if necessary.
The involvement of the Council of Europe in this project suggests a focus on maintaining human rights standards in the application of AI. This alignment with international norms could potentially make the system more attractive to other countries looking to implement similar solutions, expanding Genius Group's market opportunities.
Asset Recovery Committee of the Republic of Kazakhstan to Utilize ‘Genius Nation’ AI System to Help Recoup Billions in Illegal Assets
SINGAPORE, July 26, 2024 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI powered education and acceleration group, today announced the delivery of a nationwide AI technology system to the Asset Recovery Committee of the Prosecutor General’s Office of the Republic of Kazakhstan, awarded in a global competition launched by the Council of Europe, the European Union’s leading human rights organization.
Prime Source, a Genius Group Company, is believed to be the largest independent IT software developer in Kazakhstan and Central Asia, and has been delivering proven AI-enabled outcomes to enterprises worldwide since 2007.
The Asset Recovery Committee was established in 2023 by decree of President Kassym-Jomart Tokayev and is a working body of the Commission on the Return of Illegally Acquired Assets headed by Prime Minister Olzhas Bektenov. The committee is entitled to request and receive all information about assets and their owners, and engage researchers, experts and specialists to identify and eliminate the causes and conditions that facilitated the illegal concentration of economic resources and the illegal withdrawal of assets.
The AI Central Support Department of the Council of Europe launched a technology competition in February 2024 to support the Committee’s system for the recovery of criminal proceeds through the deployment of a nationwide, AI powered system that connects more than 50 government databases to more than 300 external data sources ranging from government tax agencies and banking data to property and asset ownership data, contracts data, corporate and personal data, and a global network of open source intelligence (OSINT) databases.
The Council of Europe is the Europe's leading human rights organisation. The council, which includes 46 member states, 27 of which are members of the European Union, has taken a proactive role in the use of AI. It has established a Resource Centre on Cyberjustice and AI and it adopted its first international treaty on Artificial Intelligence and Human Rights, Democracy and the Rule of Law in May 2024, drafted by 46 Council of Europe member states, the European Union and 11 non-member states (Argentina, Australia, Canada, Costa Rica, the Holy See, Israel, Japan, Mexico, Peru, the United States of America, and Uruguay).
The competition for the AI Asset Recovery System was launched by the Council of Europe as part of this commitment to improving Cyberjustice with AI. Prime Source won the competition in May 2024 and has completed the delivery of the first phase of the system in July 2024, which has already been approved and received by the Council of Europe and Asset Recovery Committee.
With the help of the system, the Asset Recovery Committee will seek to identify illegally obtained assets and collect the necessary evidence base for their return to state revenue. The Committee plans to widely apply and develop the acquired system in the long term.
Eugene Sherbinin, CEO of Prime Source – a Genius Group Company – said: “We expect our AI system will become an essential tool for the Asset Recovery Committee’s work to recover illegally acquired assets, including assets internationally. According to the 2024 Global Financial Crime Report, more than
Utilizing our big data analytics, machine learning and artificial intelligence capabilities, we believe the effect of using AI systems such as this could represent billions of dollars in returned assets. The Chairman of Kazahkstan’s Anti-Corruption Agency Askhat Zhumagali reported that from 2022 to 2024, more that
Roger Hamilton, CEO of Genius Group, said: “This award complements our recently announced completion of Phase 1 of a
Footnotes
Details of 2024 Global Financial Crime Report: LINK
Details of Kazahkstan’s Anti-Corruption Agency Report: LINK
About Genius Group
Genius Group (NYSE: GNS) is a leading provider of AI powered, digital-first education and acceleration solutions for the future of work. Genius Group serves 5.4 million users in over 100 countries through its Genius City model and online digital marketplace of AI training, AI tools and AI talent. It provides personalized, entrepreneurial AI pathways combining human talent with AI skills and AI solutions at the individual, enterprise and government level. To learn more, please visit www.geniusgroup.net.
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FAQ
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