Keeping pace with the increasing volume and sophistication of bad actors today is an ongoing challenge. The labor-intensive processes of AML compliance restrict the scope to the point that banks and financial institutions (Fis) are mostly focused on minimum viable regulatory compliance. In order to move the needle on risk and the greater mission of social responsibility, we must move past our current practices through recent technological advancements.
Know Your Customer (KYC) processes have been some of the most expensive and challenging processes to improve within AML. It has been stubbornly difficult to automate these tasks due to the high variability, unstructured information, research, outreach, and judgment – until now.
This whitepaper, written by WorkFusion’s Chief Technology Officer, Peter Cousins, examines how generative AI can work in tandem with automation to help reduce financial crime and risk and transition traditional KYC to perpetual Know Your Customer (pKYC).
In this white paper, you will learn: