Bank of S'pore's new Al tool cuts time taken to draft wealth source reports

Bank of Singapore, OCBC Bank's private banking arm, has launched an agentic artificial intelligence (AI) tool to shorten the time it takes to generate source-of-wealth reports.

- Sheila Chiang Business Correspondent

Relationship managers can tap the tool to draft such reports in as little as an hour — down from the usual timeline of 10 days - while ensuring alignment with regulatory standards, the bank said on Oct 10.

Such reports detail a person's or entity's total assets and their origins over time, helping financial institutions form a clearer understanding of their customers and the legitimacy of the customers' assets.

The bank's head of platform and analytics for financial crime compliance Kelvin Chiang said that relationship managers can then spend more time engaging clients to better understand their financial needs and review their wealth portfolios.

Previously, relationship managers manually reviewed hundreds of pages of documents on clients' backgrounds, investment histories, business activities, professional careers and corroborative evidence to write the source-of-wealth report.

These documents typically include financial statements, tax notices, property valuation records, corporate filings and payslips.