Financial crime

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.

SINGAPORE (Nov 7): OCBC says it is the first bank in Singapore to tap artificial intelligence (AI) and machine learning to help combat financial crime.

SINGAPORE (Sept 21): Despite having one of the strongest anti-money laundering (AML) ecosystems in the region, Singapore continues to struggle with its exposure to money laundering risks.

MANHATTAN (May 9): A former Nomura Holdings Inc. bond trader said he was trained to lie to customers shortly after coming to the company in order to boost the firm’s commissions.