Evolution AI applied artificial intelligence technology to the source of wealth challenge.
All private banking new account applications require due diligence to address financial crime risk and to satisfy internal compliance requirements.
As part of the current due diligence process, our client’s case handlers must complete and review a time-consuming Know-Your-Customer (KYC) questionnaire, which includes several source-of-wealth validations. These validations are completed manually and rely heavily upon the individual knowledge and experience of the case handler.
Read more about KYC here.
Evolution AI applied artificial intelligence technology to the source of wealth challenge. One of the key benefits of leveraging our technology is the ability to review more data sources than a human counterpart, through utilising both external data sources and analytical models built using the bank’s existing unstructured KYC data.
The tangible benefits for our client are:
See how we implemented a similar KYC solution for commercial bank RBS here.