Singapore-based DBS Bank has partnered with financial crime, risk, and compliance services provider Exiger, to implement an artificial intelligence (AI) powered due diligence solution.
The partnership is aimed at mitigating the evolving financial crime risks, and further strengthening the screening processes of DBS Bank.
DBS Bank group legal, compliance and secretariat Managing head and director Lam Chee Kin 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.”
DDIQ will enhance and complement customer screening processes
Under the first phase of the collaboration, DBS and Exiger will work together to deploy DDIQ’s AI-powered screening technology, to enhance and complement the customer screening processes for institutional and retail clients in key markets and segments.
Exiger has developed its automated AI-powered solution DDIQ, based on its advisory, diligence and government services solutions, to understand and analyse content with cognitive reasoning.
The solution accelerates and enhances the risk assessments for clients, investments, transactions, third parties and counterparties, by recording the findings from each level of risk assessment in the platform.
DDIQ solution is set to place the recorded findings in a transparent and concise manner to make the process of manual extraction and collation of data easy for audit, compliance, and regulatory purposes.
Exiger global technology markets president Brandon Daniels said: “Banks are quickly recognizing 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 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.”