KUALA LUMPUR, Sept 25 — United Overseas Bank group, one of the banks reportedly mentioned in a leaked document of the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), said it complies with all applicable laws, rules and regulations in the markets in which it operates.

In a statement today, head of group compliance, Victor Ngo said this is part of UOB’s strong risk-focused culture, in which regulatory compliance is essential to maintaining stakeholders’ trust.

"In the fight against money laundering, we have in place robust prevention, detection and enforcement measures through our framework of programmes, policies and processes.

"This includes risk assessment, customer and counterparty due diligence, transactions monitoring, as well as investigating and reporting potential suspicious activities to the relevant regulatory bodies,” he said.

He added that the group would continue to enhance its anti-money laundering capabilities through the use of technologies, including artificial intelligence and machine learning. — Bernama