Machine Learning: The arrival of automation in the KYC process
How banks and insurance companies are taking an even more targeted approach to sanctions & PEP screening
Compliance must keep an eye on ever changing customer data. Therefore, banks and insurance companies regularly check whether data of new and existing customers match entries in sanctions and PEP lists.
KYC software with machine learning functionality brings more automation to the KYC process. In customer screening, the machine learning component in the ACTICO Compliance Suite can save up to 57% effort in the clarifications required for false positives. This is made possible by Machine Learning, which supports compliance staff in focusing more on real risks.
Key Features
Automate the KYC process in banks and insurance companies even more – with machine learning
Machine Learning has proven to be a suitable technology for the automation of the KYC process. The ACTICO Compliance Suite has now been supplemented with a machine learning component that enables a savings potential of up to 57%.
Identify suspicious persons and PEPs in the customer base
The algorithm in the ACTICO Compliance Suite uses names, countries and dates of birth to find possible matches.
Analyze matches with sanctions and PEP lists
The machine learning component evaluates the match of customer data with entries in sanctions and PEP lists using a learned model.
Predict risk probability, prioritize clarifications
The learned model predicts the probability of a possible match being a true positive.
Would you like to learn more about machine learning algorithms in the
KYC process?
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KYC Software and Machine Learning for Compliance
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Gain an overviewWhy shouldn’t Machine Learning decisions be black boxes?
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Read the interviewCompliance Suite at a glance
The ACTICO Compliance Suite is now equipped with a machine learning component and supports all aspects of compliance risk detection.
Learn more