Dan Adamson, President of DDIQ & Global Head of Cognitive Computing at Exiger, believes that technology is not a human’s rival, but an opportunity to grow our human capabilities. Combining both humans and technology will extend human intelligence, rather than replace it.
The government and companies trust software systems to monitor regulatory changes and alert when risks are found. Although the compliance system’s job is to identify an issue, it is up to a human to solve it.
With AML regulatory issues on the rise, it is important to acknowledge which software will be the fastest and most accurate because having precise features such as speed and accuracy will allow for the reduction of false positives on initial screening. Having the right software allows companies to support AML compliance regulations, Know Your Customer (KYC) regulations, the Bank Secrecy Act (BSA), the US Patriot Act, and the Foreign Corrupt Practices Act (FCPA).
Features such as screening data sources or lists from data providers, built-in reporting tools for regulatory audits, and the ability to recognize and understand multiple languages as well as different permutations of a single name in AML technology are especially important for banks because it is estimated that more than $1 trillion of illicit financing moves through the financial system each year so having the most current and sophisticated software is imperative in helping banks keep up with the ever-changing global regulations on a daily basis as well as helping banks reduce risks that may result in noncompliance fines of millions or even billions of dollars.
The combination of human and technological intelligence can create a balance between comprehensive, forensic analysis and practical, cost-effective results to regulate all of the changes that take place daily.