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July 21, 2017

OCBC Bank trials AI-powered solutions to combat money laundering

Singpore’s OCBC Bank is trialling solutions based on artificial intelligence (AI) technology from fintech startups BlackSwan Technologies and Silent Eight to combat money laundering and terrorism financing.

The two startups, part of the second Fintech Accelerator Programme run by the bank’s innovation unit, will use AI to carry out research on individuals and entities suspected of fraud.

The monitoring is currently done manually by an internal compliance analyst, with the process taking up to a few days. The bank said that the new fintech solutions will speed up the process by using AI to assess suspicious transactions and mapping them to related transactions to detect connections with other entities.

CBC head of group transaction surveillance Alex Ng said: “We saw great potential in these two fintech start-ups.

“The Open Vault at OCBC Fintech Accelerator Programme gave us the opportunity to work closely with the fintechs during a short burst of three months, to experiment by providing them with anonymised real data to see how the solutions can meet our needs.

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