Financial Crimes, Freeze Account and Regulations

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

Fintech News

AUGUST 21, 2024

The Singapore Police Force had observed an increase in suspicious transactions involving these accounts, which were used to layer and obscure the origins of scam proceeds. This activity hindered efforts to track and regulate the flow of funds, posing significant challenges for authorities in combating financial crimes.

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Accounts Financial Crimes Scams Freeze Account

How to Reduce AML False Positives and False Negatives

FICO

NOVEMBER 14, 2019

Banks are treading a fine line – if they are over-zealous, they risk damaging customer relationships, but if they are not rigorous enough, they can enable criminal activity and fall foul of regulators. AI that is explainable to meet the demands of a regulated environment. Moving the Threshold Doesn’t Solve the Problem.

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AML Money Laundering Financial Crimes Crime

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

How to Reduce AML False Positives and False Negatives

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