Financial Crime World

Singapore’s Great Eastern: Combating Financial Crimes with Robust AML/CFT Measures and AI Innovations

Great Eastern, Singapore’s leading insurer, is strengthening its defense against financial crimes. The firm is implementing stringent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) protocols, fortified with Artificial Intelligence (AI) solutions.

The Importance of Upholding AML/CFT Regulations

Great Eastern recognizes the potential risks financial crimes pose to the financial system’s integrity. As a key player, the company is fully committed to:

  1. Adhering to rigorous AML/CFT regulations.
  2. Upholding the system’s stability.
  3. Protecting its stakeholder confidence.

The consequences of inadvertently facilitating financial crimes can include reputational and legal damage, leading to a detrimental impact on trust and confidence. Great Eastern adopts a proactive approach to safeguard its reputation and the financial system as a whole.

Robust AML/CFT Framework

Comprehensive Policy

Great Eastern’s AML/CFT Policy lays the groundwork for its extensive program, which:

  1. Adopts a risk-based approach.
  2. Incorporates intensive customer due diligence.
  3. Ongoing monitoring of transactions.
  4. Reporting of suspicious transactions.

By maintaining these measures, the company:

  1. Protects the financial systems it operates in.
  2. Safeguards customer trust and confidence.

AI Integration

In 2023, Great Eastern introduced AI into its existing AML/CFT infrastructure to enhance its risk management strategy:

  1. Implemented an AI-powered Name Screening model.
  2. Enhances the classification of screening alerts’ risks.
  3. Effectively segregates and prioritizes alerts.
  4. Dedicates more resources towards assessing high-risk transactions.

Great Eastern’s protective measures have been further fortified as a result of this AI addition.

Zero-Tolerance Approach to Fraud

Fraudulent activities can also result in substantial repercussions, such as:

  1. Tarnished reputation.
  2. Trust and confidence erosion among stakeholders.

In response to these threats, Great Eastern developed the Group Fraud Risk Management Policy:

  1. Established a zero-tolerance approach to fraud.
  2. Invested heavily in fraud risk management tools.
  3. Rigorous investigations of suspected fraudulent activities.
  4. Decisive disciplinary actions taken as necessary.

By implementing the aforementioned measures and continuing their proactive stance on financial crimes, Great Eastern positions itself as a trusted player in Singapore’s financial industry.