Semantic technology can benefit people in a variety of ways. Onboarding in the financial world used to be a simple matter of filling in a form and transferring assets. However, anti-money laundering regulations designed to vet a potential client’s payment partners and history have mandated that companies perform detailed due diligence on their clients, and maintain a file of information regarding that due diligence. Artificial intelligence (AI) is rapidly becoming a huge help. This interesting news came to us from Payments Source in their article, “Artificial Intelligence Can Nab Money Launderers.”

AI can assist by extracting the supporting verification and in turn comparing it against the disclosed data. It isn’t a single approach or technology. It is a group approach that includes natural language processing (NLP), data mining and text analytics, semantic technologies (ontologies, RDF stores, linked data, sentiment analysis) and machine learning.

Employing AI to perform the “heavy lifting” can reduce manual effort and free up the staff to focus on results.

Melody K. Smith

Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.