Spotlight on the Remarkable Potential of AI in KYC

"Traditional rule-based KYC-AML technology necessitates significant dependence on manual efforts particularly in alert investigation stage, which is costly, error-prone, and inefficient" Multinational banks need to ensure compliance not only in their home country but also in environments that are more complex and have fewer infrastructures. For Example, Deloitte has highlighted in its "Meeting new expectation" report that AML sanctions-related fines and penalties imposed in 2013 and 2014 quadrupled the total for the previous nine years. Artificial Intelligence (AI) takes KYC and AML compliance to the next level. AI isn't just a technology, it is a collection of related technologies which has the potential to automate workflows and quickly analyze large volumes and different types of data. AI based link analysis is a set of techniques for exploring associations among large numbers of objects of different types.