Nanyang Technological University, Singapore (NTU Singapore) is working on a project to develop new anti-money laundering (AML) capabilities for wealth managers that will be powered by artificial intelligence (AI) and machine learning.
The project will be backed by the Monetary Authority of Singapore’s Artificial Intelligence and Data Analytics Grant and UBS.
Through the initiative, NTU aims to look out for unusual money flows that could indicate money laundering.
An expert panel comprising executives from UBS, DBS Bank, OCBC Bank, UOB, Commercial Affairs Department, and MAS will offer guidance for the project.
UBS managing director and regional head of financial crime prevention in APAC, compliance and operational risk control, Mabel Ha said: “Many banks have been applying the same concepts in system-based AML Transaction Monitoring for years, that generate a high number of false positives.
“Within this project we want to seek new and practical ways for wealth management institutions to apply AI and machine learning techniques to achieve superior results.
“With our distinguished panel of experts, the project will have access to deep knowhow of customer and transactional data maintained by banks, and AML risks faced in the banking industry.”
Ha will chair the expert panel.
At the same time, the NTU team intends to build a technological prototype to support real-time intelligence exchange among institutions.
The team will include experts from the university’s Wealth Management Institute, School of Computer Science and Engineering and Data Science and Artificial Intelligence Research Centre.