DBS unveils pioneer programme targeting trade anomalies

It monitors 13 locations across DBS group.

The trade finance is booming and alongside it is the prevalence of anomalous transactions. This is why DBS Bank launched a programme for curbing abnormal trading activities in all 13 locations across the its group.

According to DBS, it is the first time a bank in Singapore is maximising big data technology to detect anomalous acts through transactional trends instead of relying on checks on singular transactions. The bank also intends to extend the system to a customer portfolio view in real time.

“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. This trade alerts programme has helped the bank create a more robust platform to detect trade anomalies,” said Choong Yang Ping, managing director of DBS Bank’s Technology and Operations.

DBS worked with A*STAR’s Institute for Infocomm Research, and Cloudera in establishing the new programme, the bank said.