Latest news with #AML-related
Business Times
5 days ago
- Business
- Business Times
Heavier anti-money laundering penalties could help Singapore maintain high standards as wealth hub
[SINGAPORE] Authorities in Singapore appear to be kicking it up a notch, as they round up more individuals and entities for their involvement in a S$3 billion money laundering scandal unveiled in August 2023. To be clear, action against the 10 foreigners at the heart of the scandal that sent shockwaves across the Republic has long been concluded. By around this time last year, all 10 had finished serving their time in jail; they have since been deported and barred from re-entering Singapore. But the anti-money laundering (AML) war is far from over. On Jul 1, the Council for Estate Agents fined two property agents for their failure to conduct customer due diligence measures on clients who were connected to the case. Then, on Jul 14, the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority proposed amendments to help strengthen Singapore's corporate framework, including the barring of those who have been convicted of money laundering offences from serving as a company director. Just a day later, the Ministry of Law said that it was investigating 24 law firms for their involvement in the conveyancing of real estate properties seized in the 2023 bust. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Also in July, the Monetary Authority of Singapore (MAS) issued penalties totalling S$27.5 million to nine financial institutions (FIs) for AML-related breaches. The penalties took into account various factors, including the extent of the FIs' exposure to the persons of interest, the number of breaches of AML requirements, and the degree of weakness in the FIs' AML controls. By Singapore's standards, this is no small sum. This is likely the largest penalty that MAS has meted out since the 1MDB scandal in 2017. Then, MAS shut down two banks, and imposed total financial penalties of S$29.1 million on eight banks for various breaches of AML requirements. But some observers noted that the financial penalties may appear small when compared to the total quantum of the case. With S$3 billion worth of assets involved, the money laundering case is the largest that Singapore has ever seen. It came as a shock to many, given the country's image of having a reliable, transparent and stable financial system. Breaking down the penalties, Credit Suisse received the highest penalty at S$5.8 million, followed by UOB – the only local bank on the list – at S$5.6 million. LGT Bank received the lowest penalties among the nine, at S$1 million. For most banks, whose profits are in the billions, the penalties are unlikely to hurt their bottom lines – and could even be seen as little more than a slap on the wrist. For instance, UOB clocked a net profit of S$6 billion in 2024, while UBS – which took over Credit Suisse in 2023 – saw a net profit of S$5.1 billion in the same year. Granted, MAS does not oversee the offence of money laundering itself; that is a job for the criminal courts. What it does look after is the degree of AML control that FIs have, and how compliant they are with MAS' AML requirements. In response to queries on whether the penalties are adequate, an MAS spokesperson said that the penalties are 'appropriate to the extent and severity of the breaches'. The spokesperson added: 'In determining whether enforcement action is warranted, MAS takes into account whether the deficiencies amount to significant breaches, and the degree of weakness in the FI's AML controls.' MAS pointed out that most of the FIs had established AML policies and controls, with the breaches arising out of 'poor or inconsistent implementation'. Yet regulators elsewhere have issued larger penalties on FIs for AML breaches as well. For example, in 2024, TD Bank was fined over US$3 billion in the US for failing to comply with AML requirements. In 2022, Danske Bank was fined US$2 billion by the US Department of Justice, or suspected money laundering at its former branch in Estonia, in what was one of the largest money laundering scandals in Europe. Meanwhile, Standard Chartered Bank in 2019 was fined US$1.1 billion by US and UK authorities for poor AML controls. Some observers also pointed out that the penalties imposed by MAS were mostly imposed on international FIs, despite the involvement of other local banks – including DBS and OCBC – in earlier investigations. For example, during DBS' 2023 third-quarter results briefing, then-CEO Piyush Gupta said that the lender had around S$100 million in exposure to the money laundering case. In response to that, MAS deputy chairman Chee Hong Tat said that MAS will assess 'fairly and objectively' the severity of the different offences when it comes to regulatory cases. He added: 'It's not whether it is a local or international financial institution, but it is about the nature, extent and severity of the lapses and offences that have been committed.' Clearly, Singapore is sending a message that it does not take AML breaches lightly. But, perhaps, as the Republic tightens AML controls across the financial ecosystem, it will need to strike that balance between remaining business-friendly yet tough on transgressions.
Business Standard
22-05-2025
- Business
- Business Standard
Azentio unveils next-generation Amlock AML solution with advanced AI, smarter screening, and streamlined user experience
PRNewswire Singapore, May 22: Azentio Software, a leading technology enabler in the BFSI space, announces the launch of its next-generation Amlock anti-money laundering (AML) platform, bringing powerful new capabilities to financial institutions in the fight against financial crime. Powered by advanced AI and machine learning, Amlock is designed to significantly improve detection accuracy, reduce operational workload, and ensure compliance in an increasingly complex regulatory landscape. This next generation of Amlock helps financial institutions (FI's) detect and manage financial crime by delivering a comprehensive, AI-driven approach to AML that covers the entire customer lifecycle, from onboarding to monitoring, screening, risk management, investigation and reporting. By reducing false positives by up to 40% and streamlining workflows, FI's can slash compliance costs by at least 20%. With smart automation and a flexible, modular design, Amlock easily adapts to changing regulations and scales to fit institutions of any size, from local banks to global firms. The latest version adds major improvements in screening, monitoring, and case management, making compliance faster, more accurate, and more efficient. Crucially, every institution using Amlock has maintained a flawless record of zero AML-related regulatory fines which is a compelling endorsement of its unmatched reliability and proactive performance in safeguarding compliance. The new Amlock offers AI-enhanced capabilities including: 1. Smarter screening capabilities - offer better accuracy with advanced matching algorithms for customer screening and transaction screening with pre-configured watchlists, local lists, custom lists and rich SWIFT message library with local format support. 2. Intelligent alert triage and case resolution - simplify complex investigations with centralized alert and case management that supports workflows, audit trails, and collaborative resolution. Designed for scalability, it ensures operational efficiency and compliance at every step. 3. End-to-end KYC and onboarding automation - is integrated with identity verification, corporate intelligence for enhanced due diligence, and customer lifecycle risk management into a unified compliance framework. Features like AI-based peer profiling, dynamic risk scoring, clustering and event-triggered reviews help institutions ions maintain an up-to-date understanding of customer risk. 4. Smarter transaction monitoring - with over 400 ready-to-use rules for banking, lending, insurance, and fintech. Built-in AI helps spot patterns and connections, cutting down on false alerts. 5. Smarter decision-making using AI to predict and suppress alerts that are likely low risk, helping teams focus on real threats. The system learns continuously from new data, becoming more accurate the more it's used. Commenting on the launch, Ruchi Tripathi, Director of Product Management at Azentio, said, "At Azentio, we understand the critical challenges financial institutions face in combating financial crime while maintaining compliance. Our next-generation Amlock is a direct response to these challenges, combining the best of AI technology with a deep understanding of the financial services sector. By significantly reducing false positives, cutting compliance costs, and ensuring zero fines, Amlock sets a new standard in AML technology." About Azentio Azentio is a leading provider of purpose-built, intelligence-driven technology solutions designed to transform the banking, financial services, insurance (BFSI), and enterprise resource planning (ERP) sectors. By combining cutting-edge innovation with deep domain expertise, Azentio empowers businesses to accelerate growth, enhance operational efficiency, and stay ahead in a rapidly evolving market. With a strong presence across the Middle East, Africa, and Southeast Asia, Azentio delivers world-class technology that streamlines processes and delivers tangible results, enabling organizations to achieve sustainable success. For more information on Azentio, please visit Logo:
Arabian Post
22-05-2025
- Business
- Arabian Post
Azentio's AI-Driven Amlock Platform Sets New Benchmark in AML Compliance
Azentio Software has launched its next-generation Amlock anti-money laundering platform, integrating advanced artificial intelligence and machine learning to enhance detection accuracy, streamline compliance processes, and adapt to evolving regulatory landscapes. The revamped Amlock platform offers a comprehensive suite of features designed to assist financial institutions in identifying and managing financial crimes. Key enhancements include AI-powered risk scoring, intelligent alert triage, and automated case management, all aimed at reducing false positives and operational workloads. Financial institutions utilizing Amlock have reported a significant decrease in false positives—up to 40%—and a reduction in compliance costs by at least 20%. Notably, these institutions have maintained a record of zero AML-related regulatory fines, underscoring the platform's effectiveness in ensuring compliance. ADVERTISEMENT The platform's modular architecture allows for seamless integration with existing systems and scalability to accommodate institutions of varying sizes. Its capabilities extend across the customer lifecycle, from onboarding and Know Your Customer processes to transaction monitoring and regulatory reporting. Amlock's AI-enhanced features include advanced matching algorithms for customer and transaction screening, centralized alert and case management systems, and dynamic risk scoring mechanisms. These tools enable institutions to maintain an up-to-date understanding of customer risk profiles and respond proactively to potential threats. The platform also incorporates over 400 pre-configured rules tailored for banking, lending, insurance, and fintech sectors. Its AI components continuously learn from new data, improving accuracy and focusing investigative efforts on genuine threats. Azentio's commitment to innovation in AML solutions has been recognized by industry analysts. The company was named a Leader in the SPARK Matrix™: Anti-Money Laundering Solutions, 2025 by QKS Group, reflecting its excellence in technology and customer impact. Financial institutions across various regions have adopted Amlock to strengthen their AML frameworks. For instance, Kurdistan International Islamic Bank implemented the platform to enhance compliance and financial security infrastructure. Similarly, Ghana-based digital payment solutions company BigPay integrated Amlock to standardize transaction processing and improve regulatory compliance. Azentio's strategic partnerships, such as with MoData, have further expanded the reach of Amlock, providing clients across Africa and the Middle East with robust AML solutions. The platform's adaptability and comprehensive features make it a valuable tool for institutions aiming to fortify their defenses against financial crimes.
Business Upturn
22-05-2025
- Business
- Business Upturn
Azentio unveils next-generation Amlock AML solution with advanced AI, smarter screening, and streamlined user experience
By PR Newswire Published on May 22, 2025, 10:30 IST SINGAPORE , May 22, 2025 /PRNewswire/ — Azentio Software, a leading technology enabler in the BFSI space, announces the launch of its next-generation Amlock anti-money laundering (AML) platform, bringing powerful new capabilities to financial institutions in the fight against financial crime. Powered by advanced AI and machine learning, Amlock is designed to significantly improve detection accuracy, reduce operational workload, and ensure compliance in an increasingly complex regulatory landscape. This next generation of Amlock helps financial institutions (FI's) detect and manage financial crime by delivering a comprehensive, AI-driven approach to AML that covers the entire customer lifecycle, from onboarding to monitoring, screening, risk management, investigation and reporting. By reducing false positives by up to 40% and streamlining workflows, FI's can slash compliance costs by at least 20%. With smart automation and a flexible, modular design, Amlock easily adapts to changing regulations and scales to fit institutions of any size, from local banks to global firms. The latest version adds major improvements in screening, monitoring, and case management, making compliance faster, more accurate, and more efficient. Crucially, every institution using Amlock has maintained a flawless record of zero AML-related regulatory fines which is a compelling endorsement of its unmatched reliability and proactive performance in safeguarding compliance. The new Amlock offers AI-enhanced capabilities including: Smarter screening capabilities – offer better accuracy with advanced matching algorithms for customer screening and transaction screening with pre-configured watchlists, local lists, custom lists and rich SWIFT message library with local format support. Intelligent alert triage and case resolution – simplify complex investigations with centralized alert and case management that supports workflows, audit trails, and collaborative resolution. Designed for scalability, it ensures operational efficiency and compliance at every step. End-to-end KYC and onboarding automation – is integrated with identity verification, corporate intelligence for enhanced due diligence, and customer lifecycle risk management into a unified compliance framework. Features like AI-based peer profiling, dynamic risk scoring, clustering and event-triggered reviews help institutions ions maintain an up-to-date understanding of customer risk. Smarter transaction monitoring – with over 400 ready-to-use rules for banking, lending, insurance, and fintech. Built-in AI helps spot patterns and connections, cutting down on false alerts. Smarter decision-making using AI to predict and suppress alerts that are likely low risk, helping teams focus on real threats. The system learns continuously from new data, becoming more accurate the more it's used. Commenting on the launch, Ruchi Tripathi , Director of Product Management at Azentio, said, 'At Azentio, we understand the critical challenges financial institutions face in combating financial crime while maintaining compliance. Our next-generation Amlock is a direct response to these challenges, combining the best of AI technology with a deep understanding of the financial services sector. By significantly reducing false positives, cutting compliance costs, and ensuring zero fines, Amlock sets a new standard in AML technology.' About Azentio Azentio is a leading provider of purpose-built, intelligence-driven technology solutions designed to transform the banking, financial services, insurance (BFSI), and enterprise resource planning (ERP) sectors. By combining cutting-edge innovation with deep domain expertise, Azentio empowers businesses to accelerate growth, enhance operational efficiency, and stay ahead in a rapidly evolving market. With a strong presence across the Middle East , Africa , and Southeast Asia , Azentio delivers world-class technology that streamlines processes and delivers tangible results, enabling organizations to achieve sustainable success. For more information on Azentio, please visit Logo: View original content: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same. PR Newswire is a distributor of press releases headquartered in New York City.
Yahoo
22-05-2025
- Business
- Yahoo
Azentio unveils next-generation Amlock AML solution with advanced AI, smarter screening, and streamlined user experience
SINGAPORE, May 22, 2025 /PRNewswire/ -- Azentio Software, a leading technology enabler in the BFSI space, announces the launch of its next-generation Amlock anti-money laundering (AML) platform, bringing powerful new capabilities to financial institutions in the fight against financial crime. Powered by advanced AI and machine learning, Amlock is designed to significantly improve detection accuracy, reduce operational workload, and ensure compliance in an increasingly complex regulatory landscape. This next generation of Amlock helps financial institutions (FI's) detect and manage financial crime by delivering a comprehensive, AI-driven approach to AML that covers the entire customer lifecycle, from onboarding to monitoring, screening, risk management, investigation and reporting. By reducing false positives by up to 40% and streamlining workflows, FI's can slash compliance costs by at least 20%. With smart automation and a flexible, modular design, Amlock easily adapts to changing regulations and scales to fit institutions of any size, from local banks to global firms. The latest version adds major improvements in screening, monitoring, and case management, making compliance faster, more accurate, and more efficient. Crucially, every institution using Amlock has maintained a flawless record of zero AML-related regulatory fines which is a compelling endorsement of its unmatched reliability and proactive performance in safeguarding compliance. The new Amlock offers AI-enhanced capabilities including: Smarter screening capabilities - offer better accuracy with advanced matching algorithms for customer screening and transaction screening with pre-configured watchlists, local lists, custom lists and rich SWIFT message library with local format support. Intelligent alert triage and case resolution - simplify complex investigations with centralized alert and case management that supports workflows, audit trails, and collaborative resolution. Designed for scalability, it ensures operational efficiency and compliance at every step. End-to-end KYC and onboarding automation - is integrated with identity verification, corporate intelligence for enhanced due diligence, and customer lifecycle risk management into a unified compliance framework. Features like AI-based peer profiling, dynamic risk scoring, clustering and event-triggered reviews help institutions ions maintain an up-to-date understanding of customer risk. Smarter transaction monitoring - with over 400 ready-to-use rules for banking, lending, insurance, and fintech. Built-in AI helps spot patterns and connections, cutting down on false alerts. Smarter decision-making using AI to predict and suppress alerts that are likely low risk, helping teams focus on real threats. The system learns continuously from new data, becoming more accurate the more it's used. Commenting on the launch, Ruchi Tripathi, Director of Product Management at Azentio, said, "At Azentio, we understand the critical challenges financial institutions face in combating financial crime while maintaining compliance. Our next-generation Amlock is a direct response to these challenges, combining the best of AI technology with a deep understanding of the financial services sector. By significantly reducing false positives, cutting compliance costs, and ensuring zero fines, Amlock sets a new standard in AML technology." About Azentio Azentio is a leading provider of purpose-built, intelligence-driven technology solutions designed to transform the banking, financial services, insurance (BFSI), and enterprise resource planning (ERP) sectors. By combining cutting-edge innovation with deep domain expertise, Azentio empowers businesses to accelerate growth, enhance operational efficiency, and stay ahead in a rapidly evolving market. With a strong presence across the Middle East, Africa, and Southeast Asia, Azentio delivers world-class technology that streamlines processes and delivers tangible results, enabling organizations to achieve sustainable success. For more information on Azentio, please visit Logo: View original content: SOURCE Azentio Software Pvt Ltd
