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Diligent ✓

AI-powered customer due diligence for fraud and AML teams

2.4k views 14 saves Unknown
Anti-Money Laundering AML Optimization Fraud Detection
More categories (4)
KYC Compliance Automated Due Diligence False Positive Reduction Legal
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Verdict

A quick read before you dig into the full page.

Best if
AI-powered customer due diligence for fraud and AML teams
Skip if
Limited to due-diligence tasks
Pick this when
Designed for fintech industry

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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.

Diligent website

Access & connections

Where you can use Diligent.

Platforms

Web

Capabilities

What this tool accepts, produces, and is strongest at.

Input

  • API
  • Tabular
  • Text

Output

  • API
  • Text

Supported features

  • Legal

Pros & 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
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  • 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
  • Powered by large language models
  • 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

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
Show 2 more
  • No out-of-the-box alerting system
  • Unmentioned scalability to large corporations

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Releases 1

Initial release February 1, 2024 Current
Initial release of Diligent.

FAQ 12

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.
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.
Diligent
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