DBS Bank Singapore overhauls anti-crime tools
Singapore’ DBS Bank has begun a major overhaul of its financial crime prevention strategy, as the bank seeks to upgrade its suspicious activity monitoring, due diligence and risk tools.
Through vendor NICE Actimize, DBS is upgrading its operations in 17 countries in phases. The project includes the introduction of an AML strategy based on Actimize AML. It will also use the vendor’s transaction monitoring system, as well as multiple currencies, which is important for a company that needs to respect different local currency reporting standards. The upgrades will be rolled out across DBS’ 250 branches.
DBS will also use new analytics within the Actimize transaction monitoring system to increase flexibility during the customer on-boarding process. The bank plans to use the functions of Actimize’s suspicious activity monitoring and customer due diligence tools to better meet evolving money laundering and terrorism financing threats.
The bank will also use Actimize’s enterprise risk case management to get a holistic view of risk across multiple lines of business, channels, products, and regions.
“We decided to continue with NICE Actimize’s newest generation of solutions as they complement our financial crime strategy and the company has a proven track record in anti-money laundering solutions,” said Richard Moore, group head of financial crime and security services at DBS. “We saw powerful benefits for us, with a fully integrated anti-money laundering platform coupled with the adoption of a single case management system, that will enable us to expand and inject alerts from other solutions over time.”
“In this ever-changing and complex climate, it is critical that institutions choose a financial crime strategy that takes a holistic view, across anti-money laundering, fraud and compliance, to enable the institution to better manage operational risk,” added Joe Friscia, president of NICE Actimize.