The latest technology news from fintechs, banks and other organisations.

UOB, Tookitaki
UOB has reportedly built an artificial intelligence-powered anti-money laundering solution with Singaporean regtech company Tookitaki.

Media reports said that it is the first Singapore bank to apply AI concurrently to two anti-money laundering risk areas such as transaction monitoring and name screening.

WealthBriefingAsia has contacted UOB about the reports to confirm details, and may update in due course. 

A report by fintechnews.sg said that UOB’s use of AI enables it to pinpoint higher-priority cases from the more-than-5,700 average monthly suspicious transaction alerts flagged and to deploy the necessary resources swiftly to investigate potential money laundering attempts.

The report points to how AI tech is being used by banks to lighten the burden of sifting through vast amounts of information to avoid falling foul of AML controls. In recent years, the private banking sector, such as in Singapore itself, has been rocked by scandals, for example the illicit financial flows laundered via 1MDB in Malaysia. 

UOB is using the AI solution to screen all customers and transactions involving Singapore-based UOB accounts and is expanding the solution to cover all UOB accounts globally, the report said.