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United Overseas Bank
Eric Ang, Head of Automation, Analytics & AI, Group Compliance
OpenGov recognised United Overseas Bank for its launch of new AI anti-money laundering solution that is highly accurate in identifying suspicious transactions and connected parties as it combats the increased sophistication in financial crime.
UOB is the first Singapore bank to apply AI concurrently to two anti-money laundering (AML) risk dimensions – transaction monitoring and name screening. The Bank’s use of AI enables it to pinpoint higher-priority cases from the more-than-5,700 average monthly suspicious transaction alerts1 flagged and to deploy the necessary resources swiftly to investigate potential money laundering attempts.