DBS CEO highlights the strength of Singapore’s anti-money laundering systems but stresses the need for more vigilance in property financing
DBS Group CEO, Piyush Gupta, stated that Singapore’s anti-money-laundering regime is robust, with banks having invested significantly in fraud detection technologies since the global financial crisis. Despite the advancement in anti-fraud measures, Gupta emphasized that no system can guarantee 100% security. Banks have enhanced their surveillance with AI tools, such as fuzzy logic and network link analysis, to monitor suspicious transactions, particularly in sectors like real estate, which are prone to money laundering.
Gupta acknowledged that while banks do a good job, some illicit activities inevitably slip through due to the volume of transactions. He noted that property financing could benefit from heightened scrutiny, as it is often exploited for money laundering. Regarding the influx of foreign investment, particularly from China, Gupta argued that its impact on Singapore’s property market is overstated, with local demand being the primary driver of property prices.
