JG: The Asia Pacific region is witnessing a significant surge in the adoption of AI-driven Anti-Money Laundering (AML) solutions, as financial institutions increasingly recognize the need for advanced technologies to combat financial crime. AI-powered AML applications range from analyzing extensive transaction data to identifying suspicious patterns, reducing false positives, and automating customer due diligence processes (CDD) to detect and prevent fraudulent activities.
This trend is exemplified by M-DAQ’s CheckGPT, which leverages AI to streamline the onboarding process for our corporate customers by automating critical aspects of CDD and name screening against sanctions databases, adverse news, and independent media. This approach reduces around 80% onboarding time while maintaining the accuracy and consistency of the process.
Additionally, a leading payments provider struggled with manual customer onboarding processes and false positive alerts in name screening, which requires extensive resources and a long processing time. The company implemented an AI-driven solution to enable the reading of CDD documents, automate risk assessments, and provide justification for the dismissal of false alerts by the AI solution.
Additionally, a leading payments provider struggled with manual customer onboarding processes and false positive alerts in name screening, which requires extensive resources and a long processing time. The company implemented an AI-driven solution to enable the reading of CDD documents, automate risk assessments, and provide justification for the dismissal of false alerts by the AI solution.
