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A recent FSB report offered case studies of how regtech and suptech are being deployed by regulators, including several examples from MAS.
Recently the FSB (Financial Stability Board) published a new report on the use of SupTech and RegTech, outlining the opportunities, benefits, risks and challenges they present to authorities and regulated institutions alike.
> ALSO READ: SupTech Increasingly a Strategic Priority for Authorities: FSB (12 Oct 2020)
The report offered 28 case studies providing practical examples on how technology is being deployed by regulators, including several examples from MAS (Monetary Authority of Singapore).
Below is a summary of MAS’ use of technology to enhance its regulatory and supervisory functions, as outlined in the FSB report.
Case study: Network analysis for STRs
To enhance the effectiveness of its AML/CTF supervision, MAS has developed an STR (Suspicious Transaction Report) network analytics tool which it uses to better analyse FIs and identify concerning clusters of individuals/entities that exhibit suspicious behaviour.
The insights and emerging risks uncovered from the network analyses help MAS target higher risk areas and FIs for closer supervisory scrutiny. The analysis is also shared with the broader financial sector to aid the national effort to combat financial crime.
The data inputs …
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