Singapore's regulator works with banks, agencies to use AI in fight against financial crime
The Monetary Authority of Singapore (MAS) is working with banks and agencies to use AI and machine learning to detect financial crime. MAS has launched a Proof-of-Value initiative to test AI/ML techniques for early detection of scams using data from five banks.
The Monetary Authority of Singapore (MAS) is working with the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force to strengthen the detection of financial crime using artificial intelligence and machine learning (AI/ML) tools. MAS has launched a Proof-of-Value (POV) initiative to test AI/ML techniques for early detection of scams. The initiative combines data from five banks to identify higher-risk transactions and accounts. A secure data-sharing environment has been established, with data protected using cryptographic techniques and access restricted to authorised personnel. The initiative could lay the groundwork for deeper industry collaboration in using AI/ML to enhance financial crime prevention. MAS may expand the scope and sophistication of AI/ML models used after assessing the POV's effectiveness.
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