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Summary
- United Overseas Bank Limited is tracking financial crime in its system with the help of a new artificial intelligence solution
- UOB said the new artificial intelligence had demonstrated a largely true accurate prediction rate of 96 per cent in the high impact incidents
- The bank will use AI on two anti-money laundering risk aspects transaction tracking and name screening
In a bid to track financial crime and fraud in its system, Singapore-based United Overseas Bank Limited (UOB) said it is all set to use a new artificial intelligence (AI) solution, which is extremely accurate in detecting any malicious transactions.
The bank said it is going to use AI on two anti-money laundering risks -- transaction tracking and name screening. This will enable the bank to track the fraudulent cases from over 5,700 average dubious transactions which are flagged every month.
Victor Ngo, the head of group compliance at UOB, said unlike other competitors, the bank has invested in AI and even started its anti-money laundering process two years ago. The AI solution works simultaneously on two AML risk factors, which is though complicated technically, but it is more productive as it enables the bank to trace tricksters trying to pose as customers.
He added that the bank would continue to make investments in the latest technology in order to enhance its AML systems to tackle emerging risks.
New AI solution
The new AI solution has been developed in partnership with Singapore-based regulatory technology firm Tookitaki Holdings after more than two years of authentication and assessment.
The bank said the new solution had demonstrated a largely accurate prediction rate of 96 per cent in the high impact incidents, which comprises those financial transactions that are likely to be dubious. These transactions are then deemed for more in-depth investigations. This category is the biggest among the three priority tiers.
Furthermore, the bank’s compliance officials carry out detailed investigations once the AI solution alerts about any malicious activities in the system. Afterwards, the compliance officer submits a report to the bank authorities in order to stop the dubious activity immediately.
Moreover, the bank said it can detect more complicated transaction models and is more efficient at linking data spots with individuals using the financial system.
The bank officials added its new AI tool, which has accurate machine learning technologies and bigger computational capability, will continue to enhance its detection capacity in the future.
Also read: Fintech Drives The Banking Sector: Barclays Employs Third Tech Tool
The bank has already employed the AI solution to trace all its customers and financial transactions, which involves Singapore-based UOB accounts. It is also planning to expand the AI tool to cover all its accounts worldwide.
