Banks tap high-tech tools to fight financial crime

Data analytics and AI being used to flag suspicious transactions

From left: UOB has developed a machine-learning solution with Tookitaki that has been used to screen names and monitor transactions; DBS uses predictive data analytics that allows audit teams to better monitor sales processes, trading activities and
From left: UOB has developed a machine-learning solution with Tookitaki that has been used to screen names and monitor transactions; DBS uses predictive data analytics that allows audit teams to better monitor sales processes, trading activities and individual branch's transactions; and OCBC is working with fintech firm ThetaRay to test an algorithm that flags suspicious transactions more efficiently for its compliance analysts to review. PHOTOS: JASMINE CHOONG, BLOOMBERG, JAMIE KOH
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Banks are increasingly employing complex technologies in the fight against financial crime.

Their high-tech arsenals, including innovations like data analytics and artificial intelligence, are being trained on an array of criminal activities such as money laundering and terrorism financing.

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A version of this article appeared in the print edition of The Straits Times on December 04, 2018, with the headline Banks tap high-tech tools to fight financial crime. Subscribe