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7EnhancingComplianceBuildingTrustandTransparencyThroughAIandDataGovernanceThesecondpillarofBanking50resilienceofferssignificantpotentialtoenhancehowbanksaddressamultitudeofinternalandexternalthreatsWhite-collarcrimeinparticularhasevolvedintoaseriousconcernforthebankingindustrygloballyInanageofinterconnectednessscamscybercrimeandmoneylaunderinghaveproliferated–demandingheightenedvigilanceandsophisticatedcountermeasuresInSingaporepolicedatarevealsaconcerningtrendLossesfromscamsandcybercrimeinthefirsthalfof2024reached$3856milliona246%increasecomparedtothesameperiodin2023Thenumberofreportedcasesalsosurgedby18%totalling28751InresponsetotherecentincreaseofdigitalcrimesnewregulationsplaceagreateronusonSingaporeanfinancialinstitutionstoproactivelydetectandpreventfinancialcrimeTheMonetary AuthorityofSingapore(MAS)andtheInfocommMediaDevelopmentAuthority(IMDA)introducedtheSharedResponsibilityFrameworkmandatingreal-timefraudsurveillanceand24-hourblockingmechanismsforsuspicioustransactionsAninter-ministerialcommitteewasformedtobolsteranti-moneylaunderingsystemsacrossvarioussectorsincludingfinancialinstitutionsWhilebankshaveimplementedenhancedduediligencemeasuressomehaveexpressedconcernsabouttheincreasedadministrativeburdenandthepotentialforthesesafeguardstobecomeabox-tickingexerciseHowevertheintegrationofAIandthecreationofaunifieddataqualityplatformasenvisionedinBanking50offerpowerfultoolstoaddressthesechallengesAIandreal-timeanalyticscanautomatetheanalysisofvasttransactionvolumesflaggingpotentialfraudbyidentifyinganomaliesincustomerpatternsSriTejaAmamVicePresidentofDataGovernanceatBNPParibasadvocatesforAI-powereddataclassificationtoensureappropriatecontrolsareappliedbasedondatasensitivityHenotesWehavecrawlersthatclassifydatabasedontrainedmodelsandthistechnologyisbecomingmoreadvancedInthecontextofBanking50wheredataisparamountdatagovernanceandlineagetrackingarenotmerelycompliancerequirements–theseareessentialcomponentsofbuildingresiliencetransparencyandtrustwithbothcustomersandregulatorsInvestinginaSustainableFutureHowESGisReshapingSingaporesFinancialLandscapeTodaysconsumersexpectbusinessestogobeyondsimplyacknowledgingtheirenvironmentalimpactTheydemandactiveparticipationincorporatesocialresponsibility(CSR)initiativesthatmitigateharmandcontributetoasustainablefutureSINGAPOREBANKING&FINANCIALSERVICESDIRECTORY2025/2026
