Finance / Private banking
Bank of Singapore: Automating the drafting of source of wealth reports
- Company
- Bank of Singapore
- Country
- Singapore
- Adoption stage
- In operation
- Source published
- Date basis
- The date the source was published. It can differ from the date adoption started.
- How the source was checked
- Read the full source text
The work problem
At Bank of Singapore, relationship managers wrote source of wealth reports for high net worth clients by hand. The bank said a relationship manager had to work through hundreds of pages of material for a single client, covering career history, business activities, investment history, financial statements, tax notices, property valuations, corporate filings and payslips. The bank said the quality of the resulting reports varied with each relationship manager's experience, and that missing items and internal inconsistencies were common. Because anti money laundering review starts from this report, uneven quality made the review itself unsteady.
Technology and data
The bank launched the Source of Wealth Assistant on 10 October 2025, co developed with its parent OCBC. It is an agentic AI tool. The relationship manager gathers and uploads the client documents, and the tool reads them and produces a report in a standard structure. It also cross checks on its own whether the figures the client supplied are plausible, comparing them against reference points such as salary levels by occupation and company revenue drawn from Bank of Singapore and OCBC data. Processing runs inside a private cloud set aside for Bank of Singapore alone. Once the draft exists, the relationship manager must read and revise it before passing it to internal review teams. The bank said this sequence forms part of its anti money laundering and counter terrorism financing controls. It said it follows the FEAT principles of fairness, ethics, accountability and transparency, and periodically re examines accuracy and bias across gender and nationality.
Results
The bank said the time needed to draft a report fell from 10 days to about one hour. It said relationship managers are freed from reading and transcribing documents and can spend that time with clients instead. It added that a consistent report structure has reduced cases where items required for review go missing. Across the wider OCBC group, the bank said, AI now powers more than 6 million decisions a day.
Limits and open questions
The source does not say when or across how many reports the figure of 10 days down to about one hour was measured. It does not state which model is used or how report accuracy is measured. How much of the draft relationship managers revise, and how the rate of reports sent back by internal review has changed, are also absent from the source. No adoption month is given, so the record is ordered by the publication date.
Sources
- Bank of Singapore deploys agentic AI tool to automate writing of source of wealth reportsbankofsingapore.com, Accessed
Compiled from public sources. These are not results from ATF Works customers.