Finance firms in Asia face rising costs to fight increasingly sophisticated money-laundering schemes. Does artificial intelligence represent a solution?
A U.S. firm promises harried compliance officers better and more productive detection of financial crimes – with a robot-based solution. Hoboken, NJ.-based Nice Actimize said it is combining learning analytics with robotic process automation to nearly eliminate the manual search for third-party data and dramatically cut down on investigation time.
In Asia, the fastest-growing wealth region in the world, money laundering and terror financing is a growing worry. Singaporean officials bolstered their defenses last year, after wrapping up the 1MDB graft scandal.
Banks are now increasingly leaning on digitization in their compliance department: Singapore's OCBC Bank is piloting two fintech solutions to improve its money laundering and terror financing defenses, while in Japan, Mizuho uses artificial intelligence to screen customers applying for loans.
