![]() ![]() ![]() Whereas in the past we have been used to keywords, this will only get you so far. The benefits of using an advanced semantic search for AML due diligence is more evident than ever before with the growth of online information. Semantic searches seek to improve search accuracy by understanding searcher intent and the contextual meaning of terms as they appear in the searchable dataspace, whether on the Web or within a closed system, to generate more relevant results. SmartKYC allows you to intelligently compare the results from your firm’s various news and database subscriptions, adding more texture and colour to the KYC report, whilst eliminating the chance of missing a vital piece of the puzzle, something which can easily be overlooked with a manual search. With this spread of permutations now generated, a search is launched on all the sources your firm currently uses and any red flags are highlighted by finding key phrases and words within the results. Using a highly advanced multilingual semantic search engine, smartKYC allows you to perform one single search that automatically generates all name variants and aliases in the required languages. With smartKYC, we’ve automated as much of the search and filtering process as possible, leaving the analyst more time to investigate who the client really is and not having to spend all their time searching news sources and structured databases. This is not a problem that will go away, nor will it get any easier. More fines are being issued and thousands of KYC analysts and consultants are being hired to work on this colossal yet vital onboarding issue. This need for heightened due diligence, partnered with a seemingly never-ending list of online news and data sources, has made the KYC process a very long and, in some cases, almost impossible task. With more regulation than ever before, anti money laundering (AML) and compliance are now the priorities for any financial institution, with their profitability as only a secondary concern. Results are easily integrated into existing workflow tools such as client lifecycle management systems.Īll of this happens at speed and at scale creating many straight through processing possibilities – robo-onboarding, watchlist filtering, batch remediation or continuous KYC monitoring.A key issue for many financial institutions these days is: Who is their client.Role-based permissions and collaborative features such as maker-checker allow for joined-up work processing and all activity is logged in forensic detail for audit purposes.All sources are robotically analysed, with semantic precision, in the native language and alphabet so that every linguistic nuance is captured – providing the same confidence in conducting foreign language due diligence as in English.This is presented in the form of pertinent facts rather than endless pages of raw material. smartKYC’s technology applies AI to extract precise open source intelligence (OSINT) from these vast corpuses of structured and unstructured information.Multiple identifying attributes are used to ensure the right individual or organisation is being profiled, even in news and web articles, minimising time wasted and analyst frustration.smartKYC efficiently harmonises and makes sense of all client sources including open and deep web, news archives, watchlists, corporate databases, biographical records and much more.SmartKYC’s proven technology rises to the challenges.
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