UNITED OVERSEAS BANK PARTNERS WITH REGTECH TO FIGHT MONEY LAUNDERING: Singaporean multinational bank United Overseas Bank (UOB) is set to utilize machine learning technology across its anti-money laundering system. The bank will use an Anti-Money Laundering Suite (AMLS) algorithm developed by local regtech startup Tookitaki, which it partnered with for a six-month trial. As part of the partnership, the bank will enhance Tookitaki’s AMLS algorithm to allow it to analyze given data sets much more deeply and broadly, making it more accurate than other available systems. Currently, UOB uses the system to screen and monitor transactions, which are two of the four key procedures within its own anti-money laundering framework. Per year, financial crime — of which money laundering is a significant component — costs organizations upwards of $1.45 trillion globally, with $166 billion of that in APAC alone. As such, providing solutions is particularly pressing, and this current venture suggests that partnerships between incumbent banks and regtechs are a promising avenue for doing so.


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