Singapore’s DBS banking group says it is using so-called big data systems to identify anomalies in its trade finance operations.

The big data technology has been pioneered at 13 locations across DBS group.

Anomalous transactions

According to a DBS statement, its trade finance business is booming, but it is concerned about the prevalence of anomalous transactions.

The bank says that because of these anomalies, it launched a programme to curb abnormal trading activities in all 13 locations across the group.

Trend analysis

DBS claims to be the first bank in Singapore to deploy big data technology to detect anomalous acts through transactional trend analysis instead of relying on checks on single transactions.

The bank intends to extend the system to a customer portfolio view in real time.

AML and fraud

“With global trade set to grow, and increased regulatory demands on anti money-laundering and fraud prevention, we believe in taking a proactive approach in enhancing our current risk management processes,” managing director of DBS Bank’s Technology and Operations, Choong Yang Ping, told local media.

“This trade alerts programme has helped the bank create a more robust platform to detect trade anomalies,” he concluded.

Categories: Trade Based Financial crimes News