Bank of Singapore has introduced the Source of Wealth Assistant (SOWA), an AI-driven tool that automates vital aspects of the Know-Your-Customer (KYC) due diligence process. This innovation significantly enhances efficiency by reducing the time needed to generate Source of Wealth (SoW) reports from 10 days to just one hour, while ensuring compliance with regulatory standards. Previously, relationship managers manually sifted through extensive client documentation; now, SOWA efficiently reviews and compiles structured reports, minimizing human error and inconsistencies. Utilizing Bank of Singapore’s extensive database allows SOWA to validate client information against industry benchmarks. Additionally, relationship managers maintain oversight by refining AI-generated drafts, ensuring rigorous anti-money laundering controls. According to Mr. Kam Chin Wong, AI optimizes report generation and client engagement, while Ms. Ruth Yeo highlights SOWA’s intuitive process that enhances productivity. By embedding agentic AI across its operations, OCBC, the parent company, continues to drive revenue growth and maintain fairness and transparency in all AI initiatives.
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