Cognitive Automation
for Anti-Money-Laundering

Reduces running costs and errors simultaneously.

Description of Problem

As staff at banks strive to stay abreast of the complicated and dynamic regulatory landscape, the cost of complying with AML regulations has been rising.

Compliance teams are struggling to keep up with the increasing volume while dealing with immense cost pressure, outdated systems, and constraints of remote operations because of COVID-19. At the same time, there could be unsavvy characters who are employing an increasingly diverse set of strategies to stay ahead of regulators and compliance departments.

Gleematic can help reduce expenses associated with high-volume, repeated manual tasks, which are frequently the result of human mistakes. Gleematic can considerably improve the KYC and onboarding process. As previously noted, the KYC and customer onboarding processes are rife with chances for cheaters to game the system, especially in areas where human error is common.

Gleematic not only saves time, effort, and money for the financial institution, but also results in a more efficient KYC onboarding process and a better AML system.

Client Overview:

Financial institutions and corporates that conduct KYC and enhanced due diligence on their clients, partners and investments.

Industry:

Banking

Processes Type:

AML

How Gleematic Helps

Customer Due Diligence

Gleematic is used to validate existing client information, pull client data from various sources to verify the client’s information or to hand off to a reviewer. Our bot can also be leveraged to search internal data repositories as well as approved third-party data sources for client information. Gleematic can automatically send out emails to frontline staff and clients, requesting necessary KYC documentation. It can also be used to capture screenshots of the client information that was collected and verified.

Client Screening

Gleematic can assist in compiling and consolidating client data from numerous databases and hubs, which may then be sent to screening providers or directly compared to watch lists. Based on preset business criteria, Gleematic can also do first-level reviews and evaluate whether screening results are “hits” or “false positives.” Gleematic can manage screening based on the client’s risk level, just like CDD (Customer Due Diligence).

Transaction Monitoring

Review of "alerts" is an important use case in transaction monitoring. Thousands of identical alarms can be generated by screening systems, which are then closed by investigators using earlier case closing evidence. Without contacting the investigator, Gleematic can discover recurring warnings, check for status changes, and take action to close them. Gleematic can also automate the data collecting process for suspicious transaction alerts, passing it to colleagues to assess or close the alert based on predefined business rules. The majority of AML processes comprise a comparable set of operations based on customer information research, validation, evidence, and upload.