Financial crime

Financial crime poses a major threat to institutions globally, with Nasdaq Verafin reporting that around US$3.1 trillion ($4.06 trillion) in illicit funds flowed through the financial system in 2023.

Bite-sized news on financial crime compliance, causes of data loss and an underwater research expedition in Southeast Asia.

Generative AI can help financial institutions overcome the fine fatigue, address vulnerabilities at their core and improve AML.

Banks can enhance their credit scoring process and better detect mule accounts by considering alternative data and applying AI.

The convergence of technology and finance crime has created an intricate web of risks. Here's how data analytics can help.

This is part of the MAS’s fourth enforcement report, which details action taken against financial institutions and individuals.

Singapore has moved to tighten oversight after a series of high profile corporate collapses and alleged frauds in recent years

SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

SINGAPORE (July 18): The fight against money laundering and terrorism financing will continue to be a priority for Singapore as an international financial centre and trading hub, according to the Monetary Authority of Singapore (MAS).

SINGAPORE (Feb 7): While prevention technologies have managed to deter identity fraud activities such as card skimming, criminals are now beginning to steal identities or even constructing entirely new ones to obtain real credit cards from banks.