UOB & Intel Want to Use Artificial Intelligence to Combat International Money Laundering

UOB & Intel Want to Use Artificial Intelligence to Combat International Money Laundering

by November 12, 2018

United Overseas Bank (UOB) today announced it  collaborated with Intel to test how federated advanced data analytics can enhance cross-border anti-money laundering (AML) efforts.

The project was co-funded by the MAS’ Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation Scheme. The AIDA Grant was launched at the Singapore FinTech Festival in 2017 to encourage the use of artificial intelligence and data analytics among financial institutions.

The joint project between UOB and Intel set out to use a combination of technology and advanced data analytics to provide greater clarity about the extent of transactions made across countries and entities by a single client. As cross-border transaction data sit in multiple localities, maintaining data sovereignty and determining the risk of money laundering across geographies can be difficult and complex.

For the project, UOB created scenarios and corresponding datasets to simulate transactions by a customer with bank accounts in Singapore and Thailand. The Monetary Authority of Singapore (MAS) and the Bank of Thailand were independent observers of the project.

UOB is piloting federated analytics using Intel Xeon Scalable processors, with Intel Trusted Execution Technology, along with advanced analytics for cross-border AML efforts.

Richard Lowe, Chief Data Officer, UOB, said:

richard-lowe uob intel aml

“With the proliferation of data and next-generation technology, banks and financial institutions can apply innovative advanced data analytics solutions to enhance their processes and capabilities.”

“The success of our federated analytics project with Intel to analyse and to identify cross-border money laundering risks is one such example of how we can improve AML processes and deter fraudulent activities within the global banking system.”


Featured image via UOB