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Two suspicious minds better than one in curbing dirty money flows

Regulators and banks combine data analytics strengths, aiming to reduce money laundering incidents

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In 2017, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) set up a partnership with eight banks here and the Association of Banks in Singapore, to work to meet higher standards in anti-money laundering and in countering the financing of terrorism activities, known in the industry globally as AML/CFT.

Singapore

EVERY year, roughly 35,000 suspicious transaction reports (STRs) are filed with the Singapore regulators by banks and other businesses to flag financial transactions that may smell fishy, Singapore regulators told The Business Times.

These are used to drive the rising use...

sentifi.com

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