The new GenAI capabilities increase automation rates up to 95 percent, reduce the risk of errors to nearly zero, and provide enhanced narratives to enable AML analysts to speed up time to decisions and provide a more detailed narrative to regulators.
WorkFusion, a leading provider of AI regulatory compliance solutions for banking and financial services, announced that it has rolled out Generative AI (GenAI) enhancements to its pre-built AI Digital Workers that augment anti-money laundering (AML) teams to fight financial crime and support regulatory compliance. The new GenAI capabilities increase automation rates up to 95 percent, reduce the risk of errors to nearly zero, and provide enhanced narratives to enable AML analysts to speed up time to decisions and provide a more detailed narrative to regulators.
“GenAI is a powerful tool. However, it is too slow, too expensive and has too many random behaviors to be used responsibly in a regulatory environment entirely on its own,” said Peter Cousins, WorkFusion’s Chief Technology Officer. “But when GenAI is supplemented by an ensemble of people and other AI approaches you get great results, you don’t overpay, and you don’t wait too long. This helps financial institutions leverage the benefits of GenAI without the added risks.”
AI Digital Workers are co-pilots for AML analyst teams. These autonomous workplace agents (AWAs) use machine learning to review and disposition alerts, conduct third-party enrichment searches, gather data and analyze text and record evidence and supporting documentation in near real-time. The addition of GenAI makes AI Digital Workers better by:
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Enhancing Automation Rates
Automation rates are now accelerated for WorkFusion’s AI Digital Workers. For example, financial institutions conduct adverse media reviews as part of their onboarding and other AML/Know Your Customer (KYC) processes to understand who they are dealing with and if there is a reputational or legal risk in doing business with the entity. This process can take five to 20 minutes per review. Using AI, the standard automation rate to review adverse media for WorkFusion’s AI Digital Worker Evelyn typically reduces the manual work by 60-80 percent. With the addition of large language models (LLMs), Evelyn’s automation rate can reach up to 95 percent straight-through processing (STP), when/where an organization’s risk appetite allows.
Reducing Error Rates to Nearly Zero
AI is only as good as the information it’s able to gather and consider. For AI Digital Workers Evelyn and Tara, the combination of AI and GenAI further reduces error rates to near zero. Much like a patient seeking a second opinion from a doctor, WorkFusion AI Digital Workers can leverage two streams of decision-making, dramatically lowering the odds of an error in either of them. People only become involved when there is a tie-breaking decision to be made.
Producing detailed narratives
With GenAI, all pre-built AI Digital Workers can go beyond current template-based narratives to LLM summaries. Being able to summarize decisions and explain them succinctly in a way that human colleagues can understand, including supervisors, risk officers, and regulators ensures explainability and trust. Detailed narratives allow AML analysts to move from being authors to editors, collecting data from various sources and simply reviewing it for better understanding. This speeds up the time for an analyst to make a decision, be it the speed to adjudicate an alert or the speed to file a suspicious activity report (SAR), etc.
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