Overview

Diligent is an AI tool designed to assist fraud and Anti-Money Laundering (AML) teams automate and enhance their due diligence customer controls. Specifically developed for the fintech industry, Diligent optimizes workflows such as performing risk investigations on legal entities, reviewing customer documents such as registry extracts and proof of addresses and reducing false positive alerts generated from AML systems.

The tool is powered by large language models which can automate redundant level one tasks while adhering to specific workflows and policies, ensuring a comprehensive audit trail.

Another significant feature is the capability of the tool to integrate seamlessly into the existing systems and vendors, implying no need for disruptive changes to current AML/KYC systems.

Diligent offers a user-friendly interface and the option to integrate an API into internal tools for customized use. The tool is designed with the mission to reduce time and costs associated with complying with risk and AML compliance operations, enhancing risk assessment capabilities and minimizing customer onboarding friction.

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February 1, 2024

Initial release of Diligent.

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Pros and Cons

Pros

Designed for fintech industry

Optimizes AML workflows

Enhances risk assessments

Reduces false positives

Auomates level one tasks

Aligns with existing workflows

Provides audit trail

Seamless integration with systems

No disruptive changes needed

User-friendly interface

Customizability with API

Reduces compliance costs

Minimizes customer onboarding friction

Automates risk investigations

Automates document reviews

Addresses registry extracts handling

Addresses proof of address handling

Investigates business nature holistically

Includes industry classification analysis

Includes address analyses

Includes website reviews

Includes online presence risk signals

Can interact with existing Sanctions/PEP/AdverseMedia systems

Verifies business information

Validates customer uploaded documents

Business info and document validation for onboarding

Tool is sanctioned by regulators

Safe to use

Follows specific workflows and policies

Ensures operational continuity

Integration takes only hours

Reduces need for manual tasks

Creates more opportunity for strategic work

Strengthens overall risk assessment

Lowers customer friction

Saves time and resources

Flexible to internal tooling

Offers comprehensive services

Broadens capabilities of compliance teams

View 35 more pros

Cons

Specific to fintech industry

Depends on large language models

No mention of multicurrency support

Doesn't highlight real-time analysis

Unclear data privacy measures

No accommodating feature for non-AML/KYC systems

Implementation time not specified

Limited to due-diligence tasks

No out-of-the-box alerting system

Unmentioned scalability to large corporations

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Jason Soni

Q&A

What specific tasks can Diligent automate for a fraud and AML team?

Diligent can automate tasks such as conducting risk investigations on legal entities, reviewing customer documents such as registry extracts and proofs of address, and reducing false positive alerts from Anti-Money Laundering systems.

How does Diligent optimize risk investigations on legal entities?

Diligent optimizes risk investigations on legal entities by using AI and large language models to automate and enhance the process of due diligence. This includes analyzing the nature of business, industry classification, address analyses, website reviews, and online presence risk signals.

Can Diligent review customer documents such as registry extracts and proof of addresses?

Yes, Diligent can review customer documents such as registry extracts and proof of addresses. It can verify business information and instantly validate these customer-uploaded documents, reducing onboarding friction.

How does Diligent help reduce false positive alerts from AML systems?

Diligent helps reduce false positive alerts from AML systems by automatically investigating alerts from existing Sanctions/PEP/Adverse Media systems. It uses AI to identify and remediate false positives, significantly reducing the time spent on unnecessary investigations.

How does Diligent adhere to specific workflows and policies?

Diligent adheres to specific workflows and policies by using large language models to automate level one tasks. It follows your specific procedures and leaves an audit trail, eliminating the risk of non-compliance in fraud and AML teams' operations.

Can Diligent provide a comprehensive audit trail?

Yes, Diligent can provide a comprehensive audit trail. It ensures accountability and traceability by following specific workflows and policies, and logging each step of the process.

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Can Diligent integrate with existing AML/KYC systems?

Yes, Diligent can seamlessly integrate with existing AML/KYC systems, making it easy to incorporate into your current processes without needing disruptive changes.

Does Diligent require any disruptive changes to my current AML/KYC systems?

No, Diligent does not require any disruptive changes to your current AML/KYC systems. It is designed to integrate smoothly with your existing systems and vendors, enhancing your team's capabilities without interrupting your current operations.

How user-friendly is Diligent's interface?

Diligent's interface is user-friendly. It has been designed for ease of use, making it intuitive and straightforward to navigate. Users can accomplish tasks efficiently, reducing time spent on training and adaptation.

Can I integrate an API into Diligent for customized use?

Yes, you can integrate an API into Diligent for customized use. This allows for flexibility and bespoke adaptation to your internal tools and specific business needs.

How does Diligent reduce the time and costs associated with AML compliance operations?

Diligent reduces the time and costs associated with AML compliance operations by automating and enhancing due diligence customer controls. This includes automatic investigations of risk concerning legal entities, document reviews, and reducing false positive alerts, thereby minimising unnecessary investigations.

How does Diligent enhance risk assessment capabilities?

Diligent enhances risk assessment capabilities by using AI to conduct in-depth risk investigations on legal entities. This includes industry classification, address analyses, website reviews, and identification of online risk signals providing a holistic view of the business and its associated risks.

How does Diligent minimize customer onboarding friction?

Diligent minimizes customer onboarding friction by automating the process of verifying business information and validating customer-uploaded documents such as registry extracts and proofs of address. This ensures a smooth, efficient onboarding process.

Can Diligent automate due diligence in customer onboarding?

Yes, Diligent can automate due diligence in customer onboarding. It validates customer uploaded documents instantly and verifies business information, reducing friction and making the onboarding process more efficient.

How does Diligent optimize AML operations?

Diligent optimises anti-money laundering operations by automating tasks that would otherwise be time-consuming and labour-intensive. This includes investigations of risk on legal entities, document reviews, and reducing false positive alerts, thereby streamlining AML procedures and workflows.

How does Diligent help with regulatory compliance?

Diligent helps with regulatory compliance by adhering to specific workflows and policies necessary in the AML and risk compliance sectors. It automates level one tasks while ensuring compliance with policies, reducing the risk of non-compliance.

How does Diligent's risk assistant function?

Diligent's risk assistant function investigates the nature of business of your customers and transaction counterparties holistically, analysing aspects like industry classification, address, website reviews, and online presence risk signals.

How does Diligent's screening assistant function?

Diligent's screening assistant function investigates automatically alerts from your existing sanctions/PEP/adverse media systems, which reduces the time you would otherwise spend remediating false positives.

How does Diligent's KYB assistant function?

Diligent's 'Know Your Business' (KYB) assistant provides instant verification of business information and validation of customer uploaded documents such as registry extracts, and proofs of address, thereby reducing friction in the customer onboarding process.

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