Bank of Singapore Enhances KYC with AI Tool
Bank of Singapore has unveiled the Source of Wealth Assistant (SOWA), an agentic AI tool designed to automate the KYC due diligence process, drastically improving efficiency. This innovative technology reduces report generation time from 10 days to just one hour for relationship managers, while minimizing human errors in data handling. With enhanced report accuracy, the tool validates client information against extensive benchmarks, ensuring legitimacy in clients’ wealth and transactions. Previously, relationship managers faced the daunting task of sifting through numerous documents, including financial statements and corporate filings, to compile reports. By leveraging AI, SOWA allows managers to concentrate on meaningful client interactions and risk assessments, thus bolstering client relationships and regulatory compliance. Kam Chin Wong, global head of financial crime compliance, emphasizes the importance of AI in maintaining high standards and delivering increased value within a complex risk landscape. This advancement signifies a major step forward in financial technology and compliance efficiency.
