AI is making significant strides in the realm of financial crime compliance. Coined as ‘agentic AI’ or autonomous AI, these AI systems are designed to function independently with minimal human oversight.
According to Workfusion, AI agents, as they’re known, can decide, plan, and adapt to fulfill predefined objectives effectively. WorkFusion, a pioneer in this field, launched its first six AI Agents in 2022, revolutionising how AML compliance teams manage financial crime risks and enhance operational efficiency.
WorkFusion’s AI Agents for financial crime compliance are not just software; they are pre-built, seasoned technology controls utilised by compliance teams to curb risks and boost operational growth. By automating tedious, manual tasks that compliance analysts have grappled with for decades, these AI Agents liberate millions of hours annually, allowing investigators to concentrate on truly risky activities and aiding executives in optimally allocating resources and budgets.
Risk in compliance operations can manifest in various ways, yet AI Agents offer a robust solution to mitigate these risks. They address challenges such as surge in alerts, inadequate staffing, slow onboarding processes, poor staff retention, and several other operational hiccups that can undermine the efficacy of financial crime management efforts.
These agents are especially adept at handling first-level AML analyst duties across functions like sanctions screening, adverse media monitoring, and transaction monitoring investigations, making them a quicker, cheaper, and more efficient alternative to new hires or outsourcing. From the outset, each AI Agent is equipped with up to five years’ worth of experience, ensuring they can immediately contribute to reducing operational burdens and focusing on high-risk areas.
However, it’s crucial to note that AI Agents are not merely screening tools. They operate alongside and integrate with a financial institution’s existing screening tools, bridging the gap between these tools and the operational staff. This synergy enables them to perform specific, end-to-end compliance processes effectively.
For example, using a standard adverse media screening tool like Thomson Reuters® Clear, an AI Agent can assess alerts and information about a bank’s customers. It prioritises and adjudicates based on various factors such as demographic data and the relevance of the information, ensuring high-risk indicators are escalated to human analysts for further review.
The underlying technology of WorkFusion’s AI Agents includes AI, machine learning, intelligent document processing, automation, and orchestration. These technologies combine to create a comprehensive worker capable of performing specific compliance tasks. Moreover, WorkFusion’s technology has been deployed in some of the world’s largest banks since the early 2010s, underscoring its effectiveness and regulatory compliance.
Ultimately, the decision to ‘hire’ an AI Agent is driven by three main factors: rapid time-to-value, the broad scope of value, and minimal maintenance requirements. These agents provide significant cost savings, efficiency gains, and quality improvements in AML operations. They continuously learn and adapt, ensuring they remain effective over time without the high costs associated with traditional software maintenance.
In summary, AI Agents are transforming the landscape of financial crime compliance, providing AML teams with the tools to modernise their operations and significantly reduce operational risk.
