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Finance crimes, such as terrorist activity, money laundering, and fraud, most often occur through fooling the bank’s processes or with suspicious, irregular documents and cost banks billions of dollars in fines and legal exposure.
ABBYY offers a uniquely suited and comprehensive approach to getting on top of KYC called Digital Intelligence. Since KYC/AML breeches can be detected through questionable interactions between customers and the bank, identifying and understanding how and where those interactions engage processes and use suspicious content is a critical first step to addressing them.
An interactive panel discussion featuring Aite Group.
ABBYY’s Digital Intelligence platform offers many core capabilities for KYC, including Process Intelligence and Content Intelligence solutions that can be targeted specifically at key areas of vulnerability.
By helping financial institutions discover the complex interactions between customers, employees, processes, and content, ABBYY Timeline assembles the right data to get a clear picture of end-to-end processes, point out vulnerabilities and opportunities for change, and provide ongoing monitoring against compliance criteria.
KYC starts at the first contact with customers, including account set-up and the documents used for authenticating customers. Connecting the onboarding process with the entire customer interaction process can reveal suspicious activity early. ABBYY FlexiCapture and Vantage solutions help banks automate the document intake processes for customer onboarding according to KYC policies and best practices.
Unlike process mining and other approaches that just show what the process looks like, ABBYY Timeline exposes the important dimensions of human and content interactions with the processes – where customers and employees take actions and input, review, and decide on critical content. Identifying the content types and patterns of interaction can identify and flag suspicious activity.
Process loopholes and suspicious documents are the most likely vulnerabilities banks have to potential crimes and fraud. ABBYY helps banks identify and counter these vulnerabilities early with both the process awareness and intelligent document processing that can establish the authenticity of documents from the moment they enter the process.
Preventing sophisticated crimes requires sophisticated measures. Digital Intelligence provides a new approach to using the latest AI and ML technologies to deliver key capabilities that provide banks with confidence in protecting their institutions from both fraud and regulatory violations.
Learn how to identify and remediate KYC vulnerabilities with the ABBYY Digital Intelligence platform.
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Find out how ABBYY Digital Intelligence solutions for Financial Services can address your needs.
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