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AML / KYC
11:30 PM 4th November 2024 GMT+00:00
Bank of Singapore Recognised for Use of AI in Fraud and Financial Crime Prevention
Reporting by Editors
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Article Summary
Bank of Singapore received high commendation for its AI-driven fraud prevention solution at the Regulation Asia Awards for Excellence 2024, recognising its effective use of artificial intelligence in combating financial crime.
The bank's solution employs advanced machine learning and predictive analytics, enabling real-time monitoring and a significant reduction in false positives, thereby enhancing operational efficiency and compliance resource allocation.
The commendation highlights the importance of AI in improving security and resilience within financial institutions, setting a benchmark for innovation and regulatory compliance in the banking sector.
This summary has been produced by RegAI. Contents may not be accurate.
Bank of Singapore’s AI-driven fraud prevention solution was highly commended in the category of Best Use of AI for Fraud and Financial Crime Prevention _by a Ban_k at the 7th Regulation Asia Awards for Excellence 2024
The Best Use of AI for Fraud and Financial Crime Prevention by a Bank celebrates financial institutions that excel in leveraging artificial intelligence (AI) to improve fraud detection, streamline compliance and enhance operational resilience. This recognition is awarded to solutions that effectively use machine learning, predictive analytics and real-time monitoring to tackle financial crime swiftly and accurately.
Bank of Singapore earned the high commendation for its advanced, multi-faceted approach to fraud prevention. The bank solution uses sophisticated AI and machine learning models that adapt to evolving fraud tactics and varying regulatory requirements across jurisdictions. Its strengths include advanced data analytics, real-time monitoring, and a notable reduction in false positives, all contributing to greater operational efficiency and enhanced resource allocation for compliance teams.
“Bank of Singapore’s AI-based approach to fraud detection exemplifies excellence in financial crime prevention,” noted the judging panel at the Regulation Asia Awards. “Their solution demonstrates impressive adaptability and effectiveness in identifying and preventing fraud, setting a strong example for innovation in the banking industry.”
Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee added, “This commendation underscores Bank of Singapore’s proactive commitment to security and resilience through AI innovation. Their approach highlights the critical role of AI in safeguarding financial institutions and advancing industry standards in compliance and fraud prevention.”
About the Regulation Asia Awards for Excellence 2024
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2024 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 13,000+ subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.
Visit www.regulationasia.com or connect via LinkedIn or Twitter.
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