OCBC pilots two AI solutions in move against money laundering and terrorism financing

SINGAPORE (July 19): OCBC Bank says it has piloted two financial technology (fintech) solutions in total with companies BlackSwan Technologies and Silent Eight, which are part of the bank’s second Fintech Accelerator Programme run by its fintech unit, The Open Vault at OCBC.

In a press release on Wednesday, OCBC says the fintech pilot reinforces its commitment to “building a more robust system of checks on suspicious individuals and transactions to stem the flow of illegal funds”, as money laundering and terrorism financing becomes a growing area of concern.

The two new solutions are designed to speed up the process of leveraging artificial intelligence (AI) to conduct research on individuals and entities suspected of illegal financing – which is presently carried out manually by internal compliance analysts who may take a total time of anywhere between an hour and a few days to see it through, according to the bank.

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