Nanyang Technological University, Singapore (NTU Singapore) is working on a project to develop new anti-money laundering (AML) capabilities for wealth managers that will be powered by artificial intelligence (AI) and machine learning.

The project will be backed by the Monetary Authority of Singapore’s Artificial Intelligence and Data Analytics Grant and UBS.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Through the initiative, NTU aims to look out for unusual money flows that could indicate money laundering.

An expert panel comprising executives from UBS, DBS Bank, OCBC Bank, UOB, Commercial Affairs Department, and MAS will offer guidance for the project.

UBS managing director and regional head of financial crime prevention in APAC, compliance and operational risk control, Mabel Ha said: “Many banks have been applying the same concepts in system-based AML Transaction Monitoring for years, that generate a high number of false positives.

“Within this project we want to seek new and practical ways for wealth management institutions to apply AI and machine learning techniques to achieve superior results.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“With our distinguished panel of experts, the project will have access to deep knowhow of customer and transactional data maintained by banks, and AML risks faced in the banking industry.”

Ha will chair the expert panel.

At the same time, the NTU team intends to build a technological prototype to support real-time intelligence exchange among institutions.

The team will include experts from the university’s Wealth Management Institute, School of Computer Science and Engineering and Data Science and Artificial Intelligence Research Centre.