The Monetary Authority of Singapore (MAS) has revealed it has been working with legal and industry partners to develop a platform to help banks securely share information.
According to Regulation Asia, MAS has been working with law enforcement and the financial industry to develop a new platform that will allow banks to securely share information and warn each other of potential criminal activity.
MAS assistant managing director for policy, payments and financial crime Ms Loo Siew Yee claimed that the details of the new platform are currently in the final stages and will be shared ‘soon’.
She commented, “Using technology solutions, it is now possible to integrate and analyse changes in the customer’s behavioural, transactional and profile data holistically and in a more timely manner.
“Responsible and secure sharing of information amongst financial institutions (FIs), coupled with the effective use of data analytics, promises to be a game changer in our fight to keep Singapore safe from financial criminals.”
Loo also remarked that focusing on an entity-level assessment may ‘miss the forest for the trees’ and fail to detect transactions that are part of a larger and nefarious web of activity. She said that several FIs have applied network link analysis to detect and visualise connections among customer and transaction flows.
The MAS executive noted the organisation had been collaborating with the Singaporean Commercial Affairs Department and major banks to develop a ‘technology enabled platform for participants to share information on customers exhibiting significant risk red flags and warn each other of potential criminal activity’.
Loo concluded by noting that FIs ‘need to actively consider staff training needs’ in order to ensure they are able to make full use of new data analytics tools and apply the insights they generate in a proper manner.
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