Anti-Money Laundering (AML) , Artificial Intelligence & Machine Learning , Fraud Management & Cybercrime

How AI Is Helping Fintechs Fight Money Laundering

Expert on AI Use Cases, Proposed Regulations From Monetary Authority of Singapore
Kawin Boonyapredee, Cyber Risk Subcommittee, Singapore FinTech Association

While the problems of money laundering and mule accounts continue to haunt the financial industry, fintechs are using AI to a large extent to mitigate the problem, said Kawin Boonyapredee, a member of the Cyber Risk Subcommittee for the Singapore FinTech Association.

See Also: Safeguarding against GenAI Cyberthreats with Zero Trust

"Anti-money laundering is a big thing, especially in the fintech industry. We use AI to look at the large data lake that we have collected logs to build analytics models to understand consumer behavior," Boonyapredee said.

Boonyapredee pointed out that identity management systems collect a huge amount of data about who's logging in, where and when they sign on and what systems and data they are accessing.

"We need AI to understand all the data within this data lake to crunch out the numbers and build a foreseeable profile of these people," Boonyapredee said.

In this video interview with Information Security Media Group, Boonyapredee also discusses:

  • New use cases for AI in the fintech industry;
  • Existing uses of AI by fintech firms;
  • How the Monetary Authority of Singapore plans to regulate AI.

Boonyapredee has more than 20 years of experience across business management and information technology and security roles, with expertise in building information security programs across the North America and Asia regions. He previously served as chief cyber technologist at Booz Allen Hamilton, CEO of Cybertron in Thailand and managing director, APAC, at Qualys.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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