Natural Language Processing and AI-Powered Capabilities Enable Comprehensive and Efficient Adverse Media Monitoring for All Types of Customer Due Diligence
CLEVELAND (August 1, 2023) – AML RightSource, the leading provider of Anti-Money Laundering (AML), Know Your Customer (KYC), and Bank Secrecy Act (BSA) compliance solutions, has furthered its application of AI and Natural Language Processing (NLP) to allow AML practitioners to reduce time spent on labor intensive, low-value tasks and increase their ability to focus on risks that truly warrant attention. The newly advanced capability optimizes KYC and AML processes, addressing the inherent complexity and costs associated with manually conducting customer due diligence (CDD). This latest expansion is an example of the continued advancement of the company’s comprehensive line of AI-enabled anti-financial crime solutions.
Purpose-built for AML and BSA compliance, AML RightSource’s AI-enabled technology solutions are solely focused on fighting financial crime. Since its inception in 2014, AML RightSource has been a pioneer in developing and deploying tech-enabled solutions. The company’s ability to couple AI and other advanced technologies with its 4,000+ AML subject matter experts across the globe creates a unique position in the industry.
“Our team would remind you that we have been advancing AI since before it was cool,” says Frank Ewing, Chief Executive Officer at AML RightSource. “We will continue to prioritize innovation to ensure our customers and analysts have AML-specific tools that leverage the latest advancements in technology. When matched with our world class AML expertise, these solutions become the key to reimagining compliance programs and fighting financial crime more efficiently and effectively,” the CEO went on to share.
Within the last decade, regulatory authorities have imposed increasingly stricter measures on banks and large corporations, demanding improved quality and transparency for CDD. Simply adding human resources to carry out manual tasks, however, does not effectively solve the compliance problem, especially in a high-volume environment. Manual operations are time-consuming and prone to error, making CDD one of the costliest procedures in the financial crime customer lifecycle. Additionally, the challenges presented by periodic reviews, siloed teams and disparate systems persist, leaving financial institutions exposed to both bad actors and regulatory risk.
Poor access to reliable, current, and meaningful data further hampers the ability to promptly make informed risk-based decisions. With millions of news articles published every day in hundreds of different languages, balancing comprehensive adverse media monitoring with efficiency is difficult.
AML RightSource has addressed these challenges with its industry-leading global database of adverse media information. The newly enhanced Adverse Media Monitoring (AMM) capability draws on a proprietary media library across 220 jurisdictions and in 98 languages that boasts two billion searchable news articles with 800,000 articles and documents added daily from 15,000 curated risk-relevant sources. This treasure trove of data sources surfaces risks that are hard to find and often missed by other solutions and is continuously enhanced via advanced technologies.
“This enhanced capability directly addresses the market's need for more efficient and accurate customer due diligence,” explained Phil McLaughlin, Chief Technology Officer at AML RightSource. “Through enhanced AI strategies, our adverse media monitoring provides comprehensive, continual coverage of customers and suppliers, reducing operational costs and improving risk-based decisions.”
The enhanced AML RightSource AMM capability streamlines financial crime compliance and offers improved accuracy and efficiency through NLP functionality including:
- AI-powered dynamic monitoring that prioritizes most relevant risk-related news.
- NLP post-processing that dramatically reduces false positives.
- An over 50% improvement in true hit rate (the rate at which adverse keywords are accurately matched with the entity being investigated) over standard industry processes.
About AML RightSource, LLC
AML RightSource is the leading technology-enabled managed services firm focused on fighting financial crime for our clients and the world. AML RightSource provides custom solutions to financial institutions, FinTechs, money service businesses, and corporations. Using a blend of highly trained anti-financial crime professionals, cutting-edge technology tools, and industry-leading consultants, AML RightSource assists clients with their AML/BSA, transaction monitoring, client onboarding (KYC), enhanced due diligence (EDD), and risk management needs. We support clients in meeting day-to-day compliance tasks, urgent projects, and strategic changes. Our global staff of more than 4,000 highly trained analysts and subject matter experts is the industry’s largest group of full-time compliance professionals. AML RightSource is headquartered in Cleveland, Ohio. With our clients across the globe, we are Reimagining Compliance. For more information, visit www.amlrightsource.com.
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