Remove Compliance Remove Crime Remove Freeze Account
article thumbnail

OCBC and Singapore Police Freeze Over 300 Accounts, Seize S$1.8 Million

Fintech News

This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes. In response, ASC and OCBC collaborated to utilise in-house data analytic models and network detection tools to identify and freeze accounts exhibiting potential money mule behavior.

article thumbnail

How to Reduce AML False Positives and False Negatives

FICO

These issues seem to be universal across the banking industry, as an Ovum survey of those that work in AML at UK banks found: 83% say a major business concern is the risk of reputation damage from failures to tackle financial crime. Discover the new capabilities in Falcon X - a solution for fraud management and financial crime compliance.

AML 40