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AI digital compliance assistant goes onto the market

Chris Hamblin, Editor, London, 7 November 2017

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The FinTech firm of Kompli-Global claims to be offering the first-ever digital compliance assistant and is calling it Samantha.

In making its bold claim, Kompli-Global oozes optimism: "She is unrivalled in her ability to help banks find critical information that otherwise wouldn’t be available or is far too time-consuming and costly to find, searching through multiple databases and the Deep Web for adverse information and negative news, 24 hours a day, 7 days a week, 365 days a year. Samantha does the heavy-lifting required to conduct checks and interrogations. Samantha reports to risk managers on areas worthy of further investigation, requiring verification of suppressed or falsified information. Samantha continuously monitors all a bank’s clients around the clock, looking at over 500 “stem words” that might be associated with financial crimes. Samantha is multi-lingual, always learning, and never sleeps. Samantha reduces human error and saves banks time and money."

The AI programme scans all the usual sanctions and watch-lists, regulatory websites, business registrations, regulatory reports and databases, blogs, and media outlets. This, claims Kompli-Global, helps human managers who might otherwise overlook relevant items or spend days researching before they detect them. The AI software, it says, can find and collate this information much more quickly, updating analysts immediately on potential risks. This makes the on-boarding of customers significantly easier for banks and other financial institutions in the US.

Kompli-Global is also proud of its search platform, called Kompli-IQ, which provides analysts with information to help the weigh up risks. Kompli-IQ cross-references more than 500 key ‘stem-word’ search terms against each target subject to establish any connection with published negative news.

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