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Blog

Resistant AI for KYC and AML Applications

Financial institutions, from banks and credit unions to brokerages and hedge funds, form one of the pillars of modern society. The vast majority of transactions worldwide flow through these institutions. Naturally, that means a complex and multi-layered operating environment—but it's not just about facilitating good customer experiences. Banks and other institutions have legal and ethical obligations to prevent wrongdoing using their services. Today, Resistant AI tools have a critical role to play in those preventative efforts.

Known as anti-money laundering (AML) and know your customer (KYC), these compliance workflows can involve many steps, lots of manual document handling, and high stakes. Mistakes in these workflows must be kept to the lowest possible level. With the Resistant AI integration available for Kofax TotalAgility, building highly reliable automation into your compliance workflows is easy and accessible.

Consider why such an investment can be so important as we explore today's challenges and examine how Resistant AI addresses them.

Why AML and KYC Workflows Matter So Much

The purpose of KYC and AML procedures is as simple as their names imply: financial institutions must understand those with whom they do business and prevent their services from being misused. Criminals and bad actors must access financial systems just as much as law-abiding citizens. They can use these systems to hide ill-gotten gains or funnel money to sanctioned or illegal groups—even terrorists.

Therefore, preventing the misuse of your financial organization's resources is at the heart of these processes. Just as important is the need to meet regulatory compliance; many laws govern how you must conduct such due diligence. At the same time, a lengthy compliance process can prevent prompt service for legitimate customers. The right tools are, therefore, essential to empower your teams to be quick and accurate.

What Are the Key Features of Resistant AI?

By integrating Resistant AI into Kofax TotalAgility, your teams can empower themselves to be faster and more accurate by leveraging the power of AI fraud detection. Designed, built, and trained from the ground up to understand what makes key documents legitimate and when they might be fake, Resistant AI delivers exceptional support for KYC and AML procedures.

Documents ingested by Kofax TotalAgility can automatically pass to the Resistant AI for scanning and fraud detection. The AI can detect more than 500 potential fraud points and identify discrepancies and find patterns across large document volumes that may indicate crime ring-like behavior.

Cases that completely clear your criteria can receive a final stamp of approval and let the customer move on in the process. When the AI detects a problem, it automatically flags the issue and alerts your team to conduct a manual review.

How Do Institutions Benefit from Deploying R.AI?

With these features, it's not hard to imagine how you might reshape the entire way you approach compliance. Resistant AI analyzes document contents, metadata, and more to look for patterns or evidence of fraud. With these tools, your team enjoys a few major benefits:

  • Waste less time examining documents that are 100% above board and more time reviewing the truly problematic cases.
  • Create a better customer experience by completing onboarding or loan application reviews more quickly.
  • Reduce financial losses caused by fraud and reduce the risk of regulatory actions or fines due to poor compliance.

Overhaul the Way You Approach Compliance With Automation

For banks, lenders, and other financial institutions, effective KYC and AML procedures are crucial for effective operation. When you can build confidence in your compliance efforts, you can spend less time worrying about mistakes and more time focused on your organization's mission. Customers and banks alike enjoy better outcomes from a streamlined setup.

With Kofax TotalAgility and Resistant AI integration on your side, building smarter, more capable KYC and AML workflows is within reach today. Discover these opportunities in the Marketplace today and start reshaping how you guard against fraud.

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