Singapore MAS Deploys AI on Live Bank Account Data from 5 Major Banks to Combat Financial Crime

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Singapore's Monetary Authority (MAS) launched a Proof-of-Value program training AI/ML models on live transaction data from five of the nation's largest banks to pre-emptively detect scams. Bank account numbers are hashed so only originating institutions can identify accounts, with cryptographic protections and a secure data-sharing environment. MAS is collaborating with the Government Technology Agency and Singapore Police Force, with plans to expand to broader datasets and use cases after initial assessment.