OCBC Bank to pilot artificial intelligence to counter money laundering

Published 21 July 2017 Singapore-based OCBC Bank has started a pilot project to test artificial intelligence-based (AI) tools to counter money laundering. The bank has partnered with BlackSwan Technologies and Silent Eight for the testing of AI solutions. The collaboration is part of the second Fintech Accelerator Programme conducted by OCBC Bank’s Fintech unit, The Open Vault. The pilot project claims to increase the bank’s competency in countering not only money laundering but also terrorist financing. The companies use artificial intelligence to conduct research on individuals and artificial entities who are suspected of illegal financing. The research includes scanning of individual profiles, and mapping how suspicious transactions may be linked to one another to examine if they are fraudulent or illegal. Presently, this process is conducted manually, but introducing artificial intelligence is expected to enhance an analyst’s productivity by up to 100%. Increase in productivity is achieved by speeding up the process of research on computer, where for example, a research which takes about one hour to complete, can be completed within one minute. As per the bank, the process begins when a suspicious transaction from an individual’s account shows an unusual activity. The bank’s internal private investigation will look at…


Link to Full Article: OCBC Bank to pilot artificial intelligence to counter money laundering

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