The Wealth Management Institute (WMI) in collaboration with Nanyang Technological University Singapore (NTU Singapore), UBS and leading financial institutions in Singapore, embarked on a research project to develop new capabilities utilising artificial intelligence (AI) and machine learning to improve detection of money laundering.
The research focused on the use of artificial intelligence and machine learning to augment the capability of existing systems and human intelligence, ascertain patterns in data and complex transactions to enable financial institutions to better detect unusual money flows and transactions that may be signs of money laundering.
It also showcased the use of secure privacy preserving architecture where underlying data stays with individual banks while data models are extracted, enabling cross-bank AML analytics and intelligence. The deployment of such technologies with powerful data analytics capabilities can help provide financial crime teams across financial institutions the technological tools necessary to widen their surveillance.
