Financial crime

News

Tech news in less than 5 minutes – April 2024

Bite-sized news on financial crime compliance, causes of data loss and an underwater research expedition in Southeast Asia.

In Focus

Strengthening the fight against financial crime with human-generative AI synergy

Generative AI can help financial institutions overcome the fine fatigue, address vulnerabilities at their core and improve AML.
Revolutionising finance: Leveraging alternative data for inclusion and crime prevention - THE EDGE SINGAPORE

Digital Economy

Revolutionising finance: Leveraging alternative data for inclusion and crime prevention

Banks can enhance their credit scoring process and better detect mule accounts by considering alternative data and applying AI.

Digital Economy

Armouring against financial crime through data analytics

The convergence of technology and finance crime has created an intricate web of risks. Here's how data analytics can help.
MAS reports $7.1 mil in compensation penalties for anti-money laundering related breaches from Jan 2022 to June 2023 - THE EDGE SINGAPORE

Anti-money laundering

MAS reports $7.1 mil in compensation penalties for anti-money laundering related breaches from Jan 2022 to June 2023

This is part of the MAS’s fourth enforcement report, which details action taken against financial institutions and individuals.
Singapore’s Rise Sparks Boost in Defense Against Financial Crime - THE EDGE SINGAPORE

Regulatory Action

Singapore’s rise sparks boost in defense against financial crime

Singapore has moved to tighten oversight after a series of high profile corporate collapses and alleged frauds in recent years

Singapore bans former HSBC, UOB bankers on fraud, dishonesty

SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

Management & Corporate Governance

MAS to bank on tech, collaboration to fight money laundering and terrorism financing

SINGAPORE (July 18): The fight against money laundering and terrorism financing will continue to be a priority for Singapore as an international financial centre and trading hub, according to the Monetary Authority of Singapore (MAS).

Tech

Criminals are now creating non-existent identities to conduct fraud, survey finds

SINGAPORE (Feb 7): While prevention technologies have managed to deter identity fraud activities such as card skimming, criminals are now beginning to steal identities or even constructing entirely new ones to obtain real credit cards from banks.

Fintech

OCBC taps AI and machine learning to combat financial crime

SINGAPORE (Nov 7): OCBC says it is the first bank in Singapore to tap artificial intelligence (AI) and machine learning to help combat financial crime.
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