How AI is Stopping Money Laundering Posted on : Jul 06 - 2022

Anti-money laundering (AML) and know-your-customer (KYC) compliance might be transformed by artificial intelligence (AI). Artificial intelligence systems may also mine vast amounts of data through KYC verification companies for risk-relevant information for anti-money laundering reasons, making identifying high-risk clients easier.

AI is beneficial when completing repetitive activities since it saves time, effort, and resources that can be redirected to higher-value client tasks. Natural language processing (NLP) and machine learning (ML) are two AI technologies that, when combined, can generate leapfrog automation possibilities in areas of client life cycle management (CLM) that are currently labor-intensive, time-consuming, and error-prone.

Artificial intelligence in KYC can intelligently extract risk-relevant information from a large volume of data in the anti-money laundering AML space, making identifying high-risk customers much easier in the battle against financial crime.

It can follow legislative changes worldwide, discover gaps in client information maintained by the financial institution, and send out know your customer (KYC) warnings to customers to gather missing information.

Impact Artificial Intelligence Have on Automated KYC and AML Compliance?

To satisfy consumers’ and institutions’ expectations, identification verification had to be automated by KYC verification companies due to the modernization of anti-money laundering rules and the deployment of Know Your Client as part of customer onboarding solutions. View More