Singapore banks using blockchain for AML

Author: Karry Lai | Published: 28 Mar 2018

The Singapore government is exploring the possibility of using blockchain and distributed ledger technology (DLT) for faster and more efficient clearing and settlement in trade finance, payments, and securities, but also combat money laundering (AML) and terrorism financing (CFT). 

The Monetary Authority of Singapore (MAS) launched Project Ubin in 2016 with a consortium of banks to develop software for decentralised inter-bank payments and settlement. It has since released source code to the public. 

The Singapore Infocomm Media Development Authority has also developed a know your customer (KYC) blockchain in cooperation with a group of banks. Some individual banks have also partnered with outside providers to develop their own blockchain and artificial intelligence solutions, particularly in the area of AML compliance.

International applicability

One of the areas that require more work still is cross-border application.

"Eventually we would hope to see more international application of these technologies though the...