OCBC finds way to cut data-retrieval time for criminal probes
Requests for data by law enforcers used to take up to three months to process. The automated system now does it in a day or two
Singapore
IT can take up to three months for banks to retrieve and provide information required by law enforcement agencies for criminal investigations - and this is provided the information sought is straightforward and does not entail manual sieving of more than 13 months of data.
But OCBC, Singapore's second largest bank after DBS in terms of total assets, has found a way to cut the time and manpower needed to process this kind of data.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM