Reported by Bank of Singapore

(Excerpt shared below. To read full report, go to: https://www.bankofsingapore.com/media-releases/2025/bank-of-singapore-deploys-agentic-ai-tool-to-automate-writing-of-source-of-wealth-reports.html)

Bank of Singapore has rolled out an agentic AI-powered tool that automates a key part of the Know-Your Customer due diligence process to ensure the legitimacy of clients’ wealth and transactions. With the use of the tool, Source of Wealth Assistant (SOWA), relationship managers are able to deliver more consistent Source of Wealth (SoW) reports within a shortened timeframe, from 10 days to one hour, while ensuring alignment with regulatory standards. This in turn improves account opening efficiency, an area that an industry working group has been set up to look into.

Previously, relationship managers manually reviewed hundreds of pages of documents on the clients’ background, investment history, business activities, professional career, and corroborative evidence to write the SoW report. These documents typically include financial statements, tax notices, property valuation records, corporate filings, and payslips.

With SOWA, it automatically reviews and generates a comprehensive, well-structured, and standardised report after the documents have been gathered and uploaded into the tool by the relationship manager. The accuracy of the report is substantially improved. Human errors, such as inconsistent and missing information—often associated with the earlier manual process due to the varying experience among relationship managers—are minimised.

Leveraging the extensive database of Bank of Singapore and its parent company OCBC, SOWA is also able to validate the plausibility of the information provided by clients using benchmarks such as salary and company revenue.

Relationship managers maintain oversight of the SoW reports by reviewing and refining the AI-generated draft before submitting them for further assessment by the internal review teams as part of the Bank’s anti-money laundering and counter terrorism financing controls.

For security, information processed by SOWA remains hosted on the Bank’s private cloud – a computing environment dedicated to only Bank of Singapore’s use.