Banks tap high-tech tools to fight financial crime like money laundering and terrorism financing

Banks are stepping up their digital efforts as the number of suspicious transactions reported to the Commercial Affairs Department grows, hitting an all-time high in 2017.
Banks are stepping up their digital efforts as the number of suspicious transactions reported to the Commercial Affairs Department grows, hitting an all-time high in 2017.PHOTO: LIN ZHAOWEI FOR THE STRAITS TIMES

SINGAPORE - Banks are increasingly employing complex technologies, including data analytics and artificial intelligence, in the fight against financial crime such as money laundering and terrorism financing.

The banks are stepping up their digital efforts as the number of suspicious transactions reported to the Commercial Affairs Department (CAD) grows, hitting an all-time high last year due to better reporting by banks, money changers and remittance agents on suspicious activity.

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