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SMBC to use Exiger AI tool for Emea AML compliance

Source: Exiger

Exiger, the leader in technology-enabled regulatory, financial crime, risk and compliance solutions, announced today its agreement with global financial institution Sumitomo Mitsui Banking Corporation Europe Ltd (SMBC) to leverage Exiger's artificial intelligence (AI)-powered KYC onboarding technology, DDIQ, to drive enhanced and sustainable regulatory compliance.

Following a rigorous evaluation period, SMBC selected DDIQ to deploy throughout its client onboarding and monitoring processes. Designed by expert technologists and Exiger's financial crime compliance subject matter experts, DDIQ understands and analyzes content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties using the power of AI.

"We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster Know Your Customer (KYC) decisions, and improve the SMBC customer experience," said a representative from Sumitomo Mitsui Banking Corporation Europe Ltd (SMBC). "Our agreement with Exiger continues our investment in technology to advance the standard, speed and efficiency of our AML processes."

DDIQ's AI-driven technology is uniquely tailored to the needs of global corporations and financial institutions, such as SMBC. The growing complexity and scope of financial regulation makes it difficult to satisfy regulatory demands, including KYC and Anti-Money Laundering (AML) requirements, while still meeting the competitive needs of the financial market. By combining multi-disciplinary subject matter expertise with disruptive, purpose-built technology, SMBC will gain a competitive edge, dramatically reducing false positives in customer due diligence and boosting operational efficiency by over 80%.

"As a forward-thinking global bank, SMBC is an ideal customer for us," said Brandon Daniels, President of Global Technology Markets, Exiger. "Our goal is to ease the client onboarding process by bolstering SMBC's deep expertise and global footprint with DDIQ's capabilities, leading the way to advance the standard of efficiency and automation in global banking."

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