First AML, the anti-money laundering scaleup, has today revealed its new AI Assist tool to reduce the extraction of key details from trust deeds to 60 seconds or less, simplifying KYC and AML processes.Extracting essential data from trust deeds by hand is a time-consuming and sometimes error-strewn process which requires specialist AML knowledge. To combat this, AI Assist gathers key details and automatically identifies controllers and beneficial owners, including trustees, settlers and appointors. Trust deed tasks can now be completed in 60 seconds or less, which provides 90% faster data capture and beneficial owner identification.
As a result, compliance professionals are freed up from manual data entry and can devote more time towards core tasks. The fear of manual errors is eliminated and workflows are simplified through the process of automation. With increased visibility of ownership structures and no need for laborious manual tasks, organisations can achieve greater and faster compliance.
Simon Luke, UK Country Manager at First AML, commented, “At First AML, removing the challenges of compliance is essential. Our new AI Assist tool is another important addition to the toolkit for compliance professionals, which can bring peace of mind and valuable time back into their hands. Without the usual manual data entry, compliance professionals can be more agile in stopping bad actors.”
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