The Monetary Authority of Singapore (MAS), Singapore’s financial regulatory authority, has announced a collaboration with the banking sector, the Government Technology Agency of Singapore, and the Singapore Police Force to deploy artificial intelligence and machine learning (AI/ML) in the battle against financial crime.
The initiative centres on a Proof-of-Value (POV) exercise designed to test AI/ML approaches for detecting scams before they result in customer losses. The POV brings together data from five banks, with the aim of constructing more robust and precise AI/ML models capable of flagging higher-risk transactions and accounts at an earlier stage.
To underpin the POV, MAS has established a secure data-sharing environment governed by a set of agreed policies and protocols designed to protect customer information. Cryptographic techniques will be applied to all data used in the exercise, and bank account numbers will be hashed so that only the originating institution can identify the actual account details. Access to data will be restricted to authorised personnel operating within a controlled and continuously monitored environment, and all data involved in the POV will be permanently deleted upon its conclusion.
MAS described the current exercise as laying the groundwork for deeper sector-wide collaboration on financial crime prevention. The regulator indicated that, subject to a positive assessment of the POV’s effectiveness, it may look to extend the scope and complexity of the AI/ML models deployed — drawing on broader datasets and a wider range of use cases to strengthen the financial system’s defences against criminal activity.
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