Spotlight on the Remarkable Potential of AI in KYC5 min read

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Deepak Amirtha Raj

Deepak Amirtha Raj

Deepak is a Research Analyst with expertise in Business Strategy and Technology. His research covers Artificial intelligence, Virtual and Augmented reality, Machine learning, Big data analytics and Market Strategy. You can find him playing guitar and writing gospel songs in his band "The Brotherhood”. Follow him on LinkedIn and Twitter.
Most people would have heard of the headline-making tremendous achievements in artificial intelligence (AI): Systems defeating world champions in board games like GO and winning quiz shows. These are small realizations of AI, but there is a silent revolution taking place in other areas, including Regulatory Compliance in Financial Services

“Traditional rule-based KYC-AML technology necessitates significant dependence on manual efforts particularly in alert investigation stage, which is costly, error-prone, and inefficient”

The ultimate aim of any Financial Institution (FI) is to earn the confidence and faith of their customers but equally important to verify the information customers provide back to them. The regulators are increasingly concentrating on ensuring that banks have robust and effective controls in place for customer due diligence (CDD). Lapses in money laundering and CDD controls exposed several FIs which resulted in regulators tightening their levels of supervision on the industry as a whole

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Deepak Amirtha Raj

Deepak Amirtha Raj

Deepak is a Research Analyst with expertise in Business Strategy and Technology. His research covers Artificial intelligence, Virtual and Augmented reality, Machine learning, Big data analytics and Market Strategy. You can find him playing guitar and writing gospel songs in his band "The Brotherhood”. Follow him on LinkedIn and Twitter.

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