Overview
Diligent is an AI tool designed to assist fraud and Anti-Money Laundering (AML) teams automate and enhance their due diligence customer controls. Specifically developed for the fintech industry, Diligent optimizes workflows such as performing risk investigations on legal entities, reviewing customer documents such as registry extracts and proof of addresses and reducing false positive alerts generated from AML systems.The tool is powered by large language models which can automate redundant level one tasks while adhering to specific workflows and policies, ensuring a comprehensive audit trail.Another significant feature is the capability of the tool to integrate seamlessly into the existing systems and vendors, implying no need for disruptive changes to current AML/KYC systems.Diligent offers a user-friendly interface and the option to integrate an API into internal tools for customized use. The tool is designed with the mission to reduce time and costs associated with complying with risk and AML compliance operations, enhancing risk assessment capabilities and minimizing customer onboarding friction.
Pros and Cons
Pros
- Designed for fintech industry
- Optimizes AML workflows
- Enhances risk assessments
- Reduces false positives
- Auomates level one tasks
- Aligns with existing workflows
Cons
- Specific to fintech industry
- Depends on large language models
- No mention of multicurrency support
- Doesn't highlight real-time analysis
- Unclear data privacy measures
- No accommodating feature for non-AML/KYC systems
Categories
- Primary: Work
- Secondary: Business
- Specialty: Legal