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Singapore Banks and ServiceNow IRM Solutions

In 2023, DBS, OCBC, and Citibank in Singapore faced fines totaling S$3.8 million for AML/CFT compliance failures.

Banks shouldn’t underestimate the capabilities of ServiceNow GRC, which could have significantly helped in this situation. This platform automates compliance with evolving regulations like SFA 04-N21, streamlines due diligence, and offers real-time risk monitoring. By efficiently managing regulatory updates and maintaining accurate beneficial ownership data, ServiceNow GRC assists in mitigating risks of non-compliance, potentially saving these institutions from substantial financial penalties and reinforcing their compliance framework in the face of any new or updated policies.

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