Singapore looking at using AI in fight against money laundering, says central bank chief

Monetary Authority of Singapore , Managing Director, Mr Ravi Menon at the MAS building on Thursday, Oct 26 With money launderers operating across different financial institutions, AI can help to strengthen “big-picture surveillance”, says MAS chief Ravi Menon

AI is also used in the processing of voluminous data and information, such as reports submitted by financial institutions and news articles to pick up developments that warrant supervisory attention.“Money launderers operate across different financial institutions, and you need to be able to join the dots across them.”Currently, financial institutions are unable to warn one another about unusual activity involving customers given confidentiality obligations.

The choice of AI as the festival’s theme was a deliberate one, given how the technology is at “a watershed moment” amid growing investments, advances in processing power and the aggregation of large datasets, as well as the increase in applications and adoption, said Mr Menon. For one, the MAS will launch a link-up between Singapore’s PayNow system and Malaysia’s DuitNow. This comes on the back of PayNow’s linkages with Thailand’s PromptPay in 2021 and India’s Unified Payments Interface earlier this year.

“But the banks have not settled the trade – that takes two days or so – and this is a major source of inefficiency and cost, and that's where most of the bank charges come in. Prior to the MAS, he was Permanent Secretary at the Ministry of Trade and Industry and Deputy Secretary at the Ministry of Finance.

The financial services industry transformation map, first launched in 2017, had targeted to create 3,000 net jobs each year but that was

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