By Alisha Houlihan for AMLi
AML Right Source has furthered its application of AI and Natural Language Processing (NLP) to allow AML practitioners to reduce time spent on labour intensive tasks.
This newly enhanced Adverse Media Monitoring (AMM) capability uses a proprietary media library that spans 220 jurisdictions and is available in 98 languages with two billion searchable news articles. 800,000 articles and documents are added each day by 15,000 curated risk-relevant sources.
“When matched with our world class AML expertise, these solutions become the key to reimagining compliance programs and fighting financial crime more efficiently and effectively,” said AML RightSource ceo Frank Ewing.
“This enhanced capability directly addresses the market’s need for more efficient and accurate customer due diligence,” explained Phil McLaughlin, Chief Technology Officer at AML RightSource.
“Through enhanced AI strategies, our adverse media monitoring provides comprehensive, continual coverage of customers and suppliers, reducing operational costs and improving risk-based decisions,” he added.
In a statement, the leading provider of Anti-Money Laundering (AML), Know Your Customer (KYC), and Bank Secrecy Act (BSA) compliance solutions revealed, “the enhanced AML RightSource AMM capability streamlines financial crime compliance and offers improved accuracy and efficiency through NLP functionality.”
Other advances include:
- AI-powered dynamic monitoring of risk-related news.
- Natural Language Processing reduces false positives.
- Improvement of over 50% compared to industry standards in accurate matching of adverse keywords with entities.
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