NTU Singapore leverages AI and machine learning to fight money laundering

A multi-disciplinary team from Nanyang Technological University, Singapore is embarking on a research project to develop new capabilities so the wealth management industry can better combat money laundering practices through the use of artificial intelligence (AI) and machine learning.

Supported by the Monetary Authority of Singapore’s (MAS) Artificial Intelligence and Data Analytics Grant under the Financial Sector Development Fund, the project seeks to understand the interrelationship between money laundering and the variable factors around potential perpetrators and their transactions. This will enable institutions to detect unusual money flows or transactions.

The NTU team consisting of experts from its Wealth Management Institute (WMI), School of Computer Science and Engineering (SCSE) and Data Science and Artificial Intelligence Research Centre (DSAIR), is also seeking to create a prototype that can facilitate real-time intelligence sharing among institutions.