Thursday, May 4, 2023


If you are conducting Enhanced Due Diligence at Account Opening each day, you know the procedure. First, use your primary platform to check the target, then move to a program designed to identify negative news. Next, you want to access a system specifically designed to uncover any and all social media resources, especially those that examine the most obscure sites, which are ordinarily not indexed or available.

Finally, you want to look at any region-specific resources that might possibly cary any information on your target, finishing up at any foreign sanctions sites that your inquiries hint might provide information, not because you believe you can find him, but to rule out any possible chance that your target is on them.

Today, however, AI-powered products bundle most, if not all, of the aforesaid resources, allowing you one-stop shop your queries. Of course, you might just verify something in completely disqualifying that the AI program found, but in truth and in fact, the time-consuming process that we have always followed in EDD is no more.

So, if you want to work more efficiently, and to complete your EDD tasks more quickly, and more accurately, abandon the old method of operation, and get with what the future holds, using Artificial Intelligence to get through all those files in short order. I know from personal experience the pressure that compliance officers experience with a pile of new file on their desk, as the afternoon wears on, and you fear you will not finish before the end of the banking day. Let modern technology allow you to increase productivity, without sacrificing accuracy.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.