How major banks use data analytics to fight financial crime

The Monetary Authority of Singapore released a paper to encourage greater adoption of data analytics (DA) solutions by financial institutions. It was written by the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Industry Partnership (ACIP) and brings together the experiences of major banks in using data analytics techniques to combat financial crime.

It provides an understanding of the current state of data analytics deployment in the area of AML/CFT, by sharing well-established use cases as well as more experimental work. The paper also provides examples of effectiveness improvements, such as the 40% reduction in false positives and 5% increase in true positives delivered by one bank’s proof-of-concept conducted on a machine learning solution for transaction monitoring.

Read the full report

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