DBS Bank has partnered with Exiger, a provider of tech-enabled financial crime, risk and compliance solutions, to implement an AI-powered due diligence solution to streamline and bolster the bank’s screening processes. The automated AI-powered solution, DDIQ, understands and analyzes content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties. Findings from each level of risk assessment are recorded in the platform in a transparent and concise manner to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes, Exiger said in a statement. DBS Bank’s MD and head, Group Legal, Compliance and Secretariat, said using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving. He added that it is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists. In phase one, the bank will work with Exiger to deploy DDIQ’s AI-powered screening technology to initially enhance and complement the bank’s customer screening processes for institutional and retail clients in key markets and segments.
