- UOB hailing the accuracy of its new AI anti-money laundering technology in helping the Singaporean bank
- The bank using AI concurrently in two AML risk dimensions – transaction monitoring and name screening
- Once the AI system which built with regtech Tookitaki flags suspicious activity, the bank’s compliance officers step in to conduct in-depth investigations
- UOB says the technology has proven an overall true positive prediction rate of 96%, in the ‘high priority’ category
- The AI also screens 60,000 account names monthly to determine if they belong to the individuals or entities on global regulatory watch lists
- At UOB made early investments in artificial intelligence and began AML proof of concept two years ago
