We started by looking at why data matching is a key part of any AML & KYC process. It’s made more complex by the different standards, languages, and levels of quality in the different data sources on which firms typically rely on. It’s expensive too: a recentÌýÌýstates that some firms are spending up to $670m each year on KYC.Ìý

As the week went on, we looked at some of the key areas where Ä¢¹½¶ÌÊÓƵ makes a real difference in helping firms to reduce manual effort, reduce risk, and bring down the extremely high cost of client onboarding. 

We then looked at the impact of theÌýEU’s fifth AML directiveÌýand how firmsÌýare able toÌýautomate their sanctions screening with theÌýsanctions match engine.ÌýÌý

We also exploredÌýhow we support efforts to reduce risk and financial crime involving the clever tech we’ve used to transliterateÌýbetween characterÌýsets andÌýperformÌý³¾³Ü±ô³Ù¾±-±ô²¹²Ô²µ³Ü²¹²µ±ðÌý³¾²¹³Ù³¦³ó¾±²Ô²µ.Ìý

Finishing up, we shared our talk with the EDM Council that explored how AI can make a real difference to the story. Bringing even more predictive capabilities to human effort means that finding those edge cases, don’t have to wait until all the obvious ones have been ruled out.ÌýWe also composed a piece entitled ‘Lifting the lidÌýon the problems thatÌýÄ¢¹½¶ÌÊÓƵÌýsolves’, if you missed it out can check it out here.Ìý

If you missed any of the pieces we shared this week, feel free to read them on our DataBlog or on our social media platforms.  

In other news this week, our very own Head of AI, Dr Fiona Browne contributed to the . This session discussed the huge AML fines faced by the banks over the last number of years.

At Ä¢¹½¶ÌÊÓƵ we are a company that helps banks gain quality data – a tool that is equipped to fight fraudsters and money launderers. Fiona was able to share her experience as Head of AI at Ä¢¹½¶ÌÊÓƵ to shed light on how banks can arm themselves sufficiently to allow them to stand up to increasing regulatory and technological complexity. 

Ä¢¹½¶ÌÊÓƵÌýprovides the tools to tackle these issues with minimum IT overhead, in a powerful and agile way.Ìý If you missed the session, youÌýcanÌýwatch it back on LinkedIn by following thisÌý.ÌýÌý

Have a great weekend! Hope you enjoyed this week’s round-up.    

ClickÌýhereÌýfor more by the author, or find us onÌý,ÌýÌýorÌýÌýfor the latest news. You can also read the last round upÌýhereÌýor keep an eye out for our next one!Ìý

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