AML RightSource, a provider of compliance solutions, has furthered its application of AI and Natural Language Processing (NLP). This will allow AML practitioners to reduce time spent on labour intensive, low-value tasks and increase their ability to focus on risks.
The newly advanced capability optimises KYC and AML processes, addressing the inherent complexity and costs associated with manually conducting customer due diligence (CDD). This latest expansion is an example of the continued advancement of the company’s comprehensive line of AI-enabled anti-financial crime solutions.
“Our team would remind you that we have been advancing AI since before it was cool,” said Frank Ewing, CEO at AML RightSource.
“We will continue to prioritise innovation to ensure our customers and analysts have AML-specific tools that leverage the latest advancements in technology. When matched with our world class AML expertise, these become the key to reimagining compliance solutions and fighting financial crime more efficiently and effectively.”
Within the last decade, regulatory authorities have imposed increasingly stricter measures on banks and large corporations, demanding improved quality and transparency for CDD. Adding human resources to carry out manual tasks does not effectively solve the compliance problem, especially in a high-volume environment. Manual operations are time-consuming and prone to error, making CDD one of the costliest procedures in the financial crime customer lifecycle.
AML RightSource has addressed these challenges with its global database of adverse media information across 220 jurisdictions and in 98 languages. This volume of data sources surfaces risks that are hard to find and often missed by other solutions and is continuously enhanced via advanced technologies.
The enhanced AML RightSource AMM capability streamlines financial crime compliance and offers improved accuracy and efficiency through NLP functionality including:
- AI-powered dynamic monitoring that prioritises most relevant risk-related news.
- NLP post-processing that dramatically reduces false positives.
- An over 50 per cent improvement in true hit rate (the rate at which adverse keywords are accurately matched with the entity being investigated) over standard industry processes.
“This enhanced capability directly addresses the market’s need for more efficient and accurate customer due diligence,” explained Phil McLaughlin, chief technology officer at AML RightSource. “Through enhanced AI strategies, our adverse media monitoring provides comprehensive coverage of customers and suppliers, reducing operational costs and improving risk-based decisions.”