Understanding the dynamics of your customer with AI.
Know Your Customer (KYC) is a key part of money laundering and anti-terrorism legislation. The Customer Due Diligence (CDD) process requires banks to file reports of suspicious activity. Almost two million such reports were filed in the United States alone in 2017 according to a study by the Royal United Services Institute for Defence and Security Studies — a U.K. think tank. Failure to identify and file reports on suspicious transactions results in billions of dollars in fines for banks.
Investigators looking into suspicious activity use a variety of tools including rules that flag frequent or international transactions or interactions with offshore financial centers. Unfortunately, with the volume and variety of transactions, rules-based approaches are not flexible enough to capture new patterns and produce large number of false positives that need to be reviewed.
AI technology identifies suspicious behavior.
AI is an ideal technology for finding anomalous patterns and identifying areas of risk especially where there are a large number of items of different types that need to be reviewed and potentially correlated. Machine learning can be used to perform analysis of transactions and can look for indicators of suspicious behavior including transactions with dubious jurisdictions, suspicious companies or known parties.
AI can also offer better insights into transactions through analysis of both structured and unstructured data. Natural Language Processing (NLP) techniques allow AI systems to search through communications to find additional signal including extracting metadata, identifying people or companies referenced, and categorizing the intent or purpose of the communication. All of these can help pinpoint suspicious transactions and help investigators as they investigate transactions.
Inovia Enterprise AI - enabling all industries to use the power of AI.
When we founded Inovia AI, we had one vision in mind – to help clients unleash the power of data. To reach our goal we created a flexible AI framework that allows us to build new products rapidly and create solutions that are tailored to our client’s challenges and opportunities.
The result is Inovia Enterprise AI Platform with AI Microservices or Pre-packed AI Solutions that enables all kinds of industries use the power of AI to solve business and social challenges.
Inovia Enterprise AI is outstanding platform for automatic machine learning that empowers data science teams to scale by dramatically increasing the speed to develop highly accurate predictive models.
Excels in finding anomalous patterns and identifying areas of risk.
Natural Language Processing (NLP) techniques allow AI systems to search through communications to find additional signals and help pinpoint suspicious behaviour.