{"id":335,"date":"2021-05-21T07:56:53","date_gmt":"2021-05-21T07:56:53","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/snt-fr\/news\/is-artificial-intelligence-the-future-of-know-your-customer\/"},"modified":"2021-05-21T07:56:53","modified_gmt":"2021-05-21T07:56:53","slug":"is-artificial-intelligence-the-future-of-know-your-customer","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/snt-fr\/news\/is-artificial-intelligence-the-future-of-know-your-customer\/","title":{"rendered":"Is Artificial Intelligence the Future of Know Your Customer?"},"content":{"rendered":"

Know your customer (KYC) checks are a standard regulatory process that banks must complete in order to verify who their customers are \u2013 both when they set up an account and also periodically during their time of being a client. These checks are for anti-money laundering (AML) reasons, as well as making sure funds aren\u2019t contributing towards terrorist organisations.<\/p>

A typical KYC process involves checking identification documents. In some cases, this can also extend to looking at who the subject liases with. As you can imagine, doing this manually can be very time-consuming. Utilising artificial intelligence in KYC checks is a cutting-edge approach to this regulatory requirement and can both improve the accuracy, and the amount of time needed to screen a client. It\u2019s this approach that forms the backbone of\u00a0digitalUs<\/a>, the team aiming to be the next spin-off of SnT.<\/p>

The digitalUs team have developed a search engine tool that can help banks perform their checks by connecting billions of data points. In an article with Paperjam published this morning, the digitalUs team explain the concept behind their software and what their sights are set on during this next year in their development.<\/p>

The full article can be found here<\/a>.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Know your customer (KYC) checks are a standard regulatory process that banks must complete in order to verify who their customers are \u2013 both when they set up an account and also periodically during their time of being a client. 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