To fend off the evolving risks of financial crime, DBS Bank has partnered with Exiger, the global leader in tech-enabled financial crime, risk and compliance solutions, to implement an artificial intelligence (AI) powered due diligence solution to streamline and further bolster the bank’s screening processes.
Designed by Exiger’s technologists and financial crime compliance specialists, the automated AI-powered solution, DDIQ, understands and analyses content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties. Findings from each level of risk assessment are recorded in the platform in a transparent and concise manner to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes.
In phase one, DBS will work with Exiger to deploy DDIQ’s AI-powered screening technology to initially enhance and complement the bank’s customer screening processes for institutional and retail clients in key markets and segments, with a view to using this capability more broadly.
Lam Chee Kin, Managing Director and Head, Group Legal, Compliance and Secretariat at DBS Bank said, “Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving. It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists.”
Brandon Daniels, President of Global Technology Markets at Exiger, said, “Banks are quickly recognising that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements. DBS is cutting the path for traditional financial institutions to transform and compete in today’s digital market. It’s an honor to be a part of their leadership in financial services and to invest in what will set the standard for compliance departments across the world.”
The two organisations will continue to collaborate in accelerating adoption of AI in compliance, driving new ideas and innovation in banking.