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Customer Due Diligence (CDD) Using AI Expert Systems
Financial crime prevention and corporate governance scandals are an increasingly complex task for financial services firms.
Amid tightening regulation and the threat of substantial fines for compliance breaches, firms are under intense pressure to improve their customer due diligence and know-your-customer programmes, as well as case investigation.
AI is used to make sense of registered filings, evaluate the raw financial and business data; and predict the risk exposures.
AI is deployed to examine the company’s dealings, relationship with their stakeholders and how they function in their operating environment.
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AI is used to conduct due diligence (DD) reviews of suppliers, customers and third parties; and help companies identify potential red flags, which help mitigate against financial crime and reputational damage.
Experisk is a an expert system that is designed to address the issue of whether you should accept a client and perform the ideal on-boarding processes using AI.
Here are some of the benefits of using AI as part of the client on-boarding process (customised solution):
Human investigators have difficulty comprehending massive data sets, with large numbers of objects of different types. Enter AI-based link analysis, which models complex webs of linkage data evidence into nodes and links, enabling better insight and decision-making. When modeled as a graph, it makes dubious relationships, accounts or transactions more apparent. Link analysis is employed to augment traditional KYC and KYCC (Know Your Customer’s Customers) processes, creating multilayer and hierarchical networks for relationships between customers, their organizations, suppliers and business partners.
With the vast and increasing number of regulatory updates, guidance and reports, information overload is a significant issue. Using natural language processing (NLP) and supervised machine-learning techniques, AI can analyze unstructured content, extract metadata, identify entities and automatically interpret documents.
Often, money launderers use numerous steps to obfuscate the true source of funds. AI-based systems, as opposed to rule-based software, are more able to uncover these complex patterns. One innovation is the use of Bayesian learning techniques to better understand legitimate behaviuor, enabling more robust and intelligent AML systems to initiate investigations and possible suspicious activity reports (SARs).
Generating documents, reports, notifications and audit trails is time consuming. AI can automate generic content creation, including risk profiles, due diligence information and links to data sources, in mere minutes, allowing compliance to focus on other, more in-depth tasks.
Depending on the level and number of requests, due diligence reports can be delivered in as quickly as 24 hours.
Due diligence reports are researched in over 60 languages.
Reports are compiled by our proprietary expert systems.
Due diligence reviews of suppliers, customers and third parties help companies identify potential red flags, which help mitigate against financial crime and reputational damage. Experisk is a cost-effective tool to detect legal, regulatory and reputational issues in a new business partner or vendor, allowing you to see a fuller picture so you can determine the risk level.
