White Paper

Financial Crime Fighting and Risk Control in the Age of Generative AI: Transformational Improvements of Scale, Effectiveness, and Efficiency

In this age of generative AI, how can large learning models (LLMs) help fight financial crime and AML?

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:

  • Breaking down the myths and legends around perpetual Know Your Customer (pKYC)
  • Why automation is a must for pKYC to become successful and mainstream
  • How Generative AI and Large Language Models (LLMs) can help reduce pKYC’s complexities and drive higher-performance
  • The elements to deploying a successful pKYC implementation
Get the White Paper