76% of Singapore executives worry about financial crime risks

A new report reveals that 76% of senior executives in Singapore are worried about financial crime risks in 2025. This is higher than the global average of 71%. The report, from Kroll, indicates that business leaders are especially concerned about issues like money laundering, fraud, and corruption. The survey found that 68% of Singapore executives see cyber-security threats as a major factor driving financial crime. Additionally, 61% believe that criminals are increasingly using artificial intelligence (AI) to commit these crimes. Kroll pointed out that fraudsters use AI to create convincing fake images, videos, and audio, making it harder for regulators to catch them. While many executives believe AI could improve their financial crime compliance efforts, only 25% report seeing a significant positive impact from its use so far. Mr. B.C. Tan from Kroll noted that many financial institutions struggle to effectively use AI for compliance due to the high volume and complexity of transactions. Singapore's position as a major trade and finance hub makes it a target for criminals. Mr. Tan described it as the "North Star for criminals" looking to launder money. A case from August 2023, where police seized over $3 billion in assets and arrested 10 individuals, highlights the ongoing challenges the city faces with financial crime. Even with recent successes, Mr. Tan cautioned that Singapore cannot become complacent. He warned that financial crime risks will continue to rise in complexity, especially with the rapid evolution of cryptocurrency, which poses new regulatory challenges. The Kroll report found that 74% of Singapore executives see cryptocurrencies as a significant concern, yet only 36% said their organizations have protective measures in place.