UOB: Boosts AML efforts with AI

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