Enhancing Detection of Fraud & Money Laundering Using AI
- Artificial Intelligence
- Finance & Investment
- Innovation & Business Improvement
This module is conducted in-person.
1 day
Weekday (9am - 6pm)
Who Should Attend
- Professionals in compliance, audit, risk management
- Business function managers responsible for operational risk management
- IT professionals and data scientists
Overview
Financial crimes like fraud and money laundering have evolved rapidly in complexity and sophistication. The cost of compliance has also risen sharply with more stringent regulatory controls. Hefty fines, erosion of reputation and trust are prompting financial institutions to turn to data analytics for more effective measures to detect suspicious activities from a wider variety of data sources, structured and unstructured. However, the high false positive rates bring no respite to the workload and continue to strain resources.
Today, artificial intelligence (AI) and machine learning (ML) can be used to complement data analytics. AI/ ML can be incorporated into the financial crime compliance (FCC) model reviews to reduce the number of false positives by enabling smarter analytics so that investigations can focus on genuine money laundering cases.
This one-day workshop looks at how to design an operational framework, incorporating the latest MAS paper on Guidance for Effective AML/ CFT Transaction Monitoring Controls.
Learning Objectives
- Understand how artificial intelligence & machine learning work
- Know how AI/ ML can be used to detect financial crime
- Learn to combine data analytics with AI/ ML via smarter behavioural analytics to reduce false positives
- Contextualise the event to improve outcome
- Design an operational framework to improve effectiveness
Topic/Structure
- Introduction to artificial intelligence (AI) and machine learning (ML)
- Application of AI/ ML in financial crime detection
- Enhancement of analytics using AI/ ML
- Contextualising the event
- Designing an operational framework to improve the effectiveness
Assessment
As part of the requirement for SkillsFuture Singapore, there will be an assessment conducted at the end of the course. The mode of assessment, which is up to the trainer’s discretion, may be an online quiz, a presentation or based on classroom exercises.
Participants are required to attain a minimum of 75% attendance and pass the associated assessment in order to receive a digital Certificate of Completion issued by Singapore Management University.
Calculate Programme Fee
Fee Table
| COMPANY-SPONSORED | |||
|
PARTICIPANT PROFILE |
SELF-SPONSORED |
SME |
NON-SME |
|
Singapore Citizen < 40 years old Permanent Resident LTVP+
|
$261.60 (After SSG Funding 70%) |
$101.60 (After SSG Funding 70% |
$261.60 (After SSG Funding 70%) |
|
Singapore Citizen ≥ 40 years old |
$101.60 (After SSG Funding 70% |
$101.60 (After SSG Funding 70% |
$101.60 (After SSG Funding 70% |
|
International Participant |
$872 (No Funding) |
$872 (No Funding) |
$872 (No Funding) |
All prices include 9% GST
Please note that the programme fees are subject to change without prior notice.
Post Secondary Education Account (PSEA)
PSEA can be utilised for subsidised programmes eligible for SkillsFuture Credit support. Click here to find out more.
Self Sponsored
SkillsFuture Credit
Singapore Citizens aged 25 and above may use their SkillsFuture Credits to pay for the course fees. The credits may be used on top of existing course fee funding.
This is only applicable to self-sponsored participants. Application to utilise SkillsFuture Credits can be submitted when making payment for the course via the SMU Academy TMS Portal, and can only be made within 60 days of course start date.
Please click here for more information on the SkillsFuture Credit. For help in submitting an SFC claim, you may wish to refer to our step-by-step guide on claiming SkillsFuture Credits (Individual).Workfare Skills Support Scheme
From 1 July 2023, the Workfare Skills Support (WSS) scheme has been enhanced. Please click here for more details.
Company Sponsored
Enhanced Training Support for SMEs (ETSS)
- Organisation must be registered or incorporated in Singapore
- Employment size of not more than 200 or with annual sales turnover of not more than $100 million
- Trainees must be hired in accordance with the Employment Act and fully sponsored by their employers for the course
- Trainees must be Singapore Citizens or Singapore Permanent Residents
- Trainees must not be a full-time national serviceman
- Trainees are eligible for ETSS funding only if their company's SME status is approved prior to the course commencement date. To verify your SME's status, please click here.
Please click here for more information on ETSS.
Absentee Payroll
Companies who sponsor their employees for the course may apply for Absentee Payroll here. For more information, please refer to:
AP Guide (Non-SME Companies)
Declaration Guide (SME Companies)
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