OCBC combats money laundering with AI


July 20 2017

The tedious task of tracking money laundering and terrorism funding usually takes one hour to a few days. Solutions from two companies under OCBC Bank’s Financial Technology (Fintech) unit, The Open Vault, have reduced the time to a minute.

Silent Eight and BlackSwan Technologies leverage artificial intelligence (AI) to conduct a traditionally two-phased research on individuals and companies suspected of illegal financing.