MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities
Insurers should invest in technology to help combat money laundering and other illicit financing activities, an assistant managing director at the Monetary Authority of Singapore (MAS) said on July 13.
Chua Kim Leng singled out "four key areas" of focus: risk culture, strong compliance, leveraging technology and knowledge sharing. Regarding technology, he stressed "it is no longer tenable to rely on manual processes".
Leng discussed automated name screening, which he said "allows for superior
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