UOB, Intel partner to strengthen its battle on AML

UOB has partnered with Intel to strengthen its data analytics services and its cross-border anti-money laundering efforts.

This joint venture will see them combine technology and data analytics to offer better clarity around transactions made across borders and entities. The international transaction data is held in multiple locations and maintaining sovereignty and determining risk of money laundering across geographies can be complex.

UOB will be the first to test federated analytics by using Intel Xeon Scalable processors.

The two organisations explored a federated analytics model to empower financial institutions with an expanded view of customer banking activities across borders without breaking privacy and data protection regulations.

A federated analytics model enables the sharing of algorithms across different geographical data sites without having to share data. The algorithms are designed to pick out specific insights, indicators and patterns to uncover money laundering activities within its banking system.

For the test, UOB has created scenarios and datasets to simulate transactions of customers with bank accounts in Singapore and Thailand.

This project was co-funded by the MAS’ Artificial Intelligence and Data Analytics Grant under its Financial Sector Technology and Innovation Scheme.

UOB chief data officer Richard Lowe said, “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.

“This is why UOB is the first ASEAN bank to establish an enterprise-wide centralised big data analytics centre to test and to implement quickly data-centric and data-driven projects.

“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.”

Earlier in the week, UOB formed a partnership with Meniga  for customer-centric data solutions for its digital banking customers.

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