Spotlight on the Remarkable Potential of AI in KYC (Know Your Customer)

"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). 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.