Singapore Industry Group Highlights Data Analytics Use Case for AML/CFT

The working group has presented several new methods deploying data analytics specifically to combat money-laundering and terrorism financing activities.

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An industry group formed by regulators and industry players, including banks and financial services providers, is exploring the use of data analytics to help with anti-money laundering (AML) and combating the financing of terrorism (CFT) processes.

In a report published in November, the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) said while data analytics has shown potential for assisting with AML/CFT functions in the financial services sector,

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