Press release by Verify 365
London, UK, 16 October 2023 – Verify 365’s new AI-driven anti-money-laundering technology platform “sidesteps” the traditional rules-based programming characteristic of similar products. The company aims to differentiate itself as the leading provider of anti-money laundering (AML) technology solutions by using AI and minimising human intervention in the process of screening for fraud, identity theft and money-laundering risks.
For years, law firms have leaned on human input and discretion to fine-tune systems that help identify potentially risky transactions and clients. Now, Verify 365 wants them to allow its artificial intelligence technology to play a more dominant role in that process.
Verify 365’s CEO, Rudi Kesic, has unveiled a novel AI-driven AML and ID verification solution. The firm’s latest technology platform employs machine learning to assist clients in the legal sector meet regulations necessitating the identity checking, sanctions screening, source of funds checking, and reporting of potential suspicious actions. The new AML-engine, named “DynamicAI”, has already garnered attention from notable users, including several large, London-based law firms.
Rudi Kesic said, “Verify 365’s distinctive approach is its departure from the rules-based programming typically crucial in setting up and overseeing an anti-money-laundering system — a strategy that contrasts the dominant methodology and might face scrutiny from certain segments of the industry.”
This launch comes in the wake of major U.S. tech companies showcasing their AI prowess, influenced by the success of generative AI apps like ChatGPT and a corporate rush to incorporate such advancements across various sectors.
Traditionally, most law firms are utilising basic technologies to sift through the numerous transactions and matters they manage daily. This procedure usually begins with a set of human determinations, followed by selecting the required checks, allowing law firms to pinpoint and scrutinise clients and fraudulent transactions that may need regulatory attention. By eliminating rules-based directives, Verify 365 are betting on AI’s potential to address this longstanding challenge in the AML domain.
Rudi adds, “Depending on their configuration, most anti-money-laundering platforms in the marketplace currently will either identify too much or too little activity. Fewer alerts might raise eyebrows from regulators, while too many can burden the compliance team responsible for analysing each case and deciding on reporting to authorities.”
Manual rule inputs can inflate these numbers. For instance, a user might instruct the system to highlight clients depositing over £10,000 or repeatedly transferring identical amounts to more than 10 accounts. Consequently, the ratio of system-triggered alerts, which are false alarms, or “false positives” can be substantial. Studies by Thomson Reuters Regulatory Intelligence indicate that such false positive rates can be as high as 95%.
With Verify 365’s latest AI-solution, while law firms can’t set rules, they will be able tailor the platform based on their unique risk indicators, as pointed out by company executives.
“While the world is busy drawing lines, we’re stepping outside of them. Our latest AI-driven solution, DynamicAI, is not just about side-lining the rules-based programming, we are redefining the AML landscape,” added Rudi.
In an age dominated by technological advancements, it’s essential that we shift from manual interventions and harness the capabilities of artificial intelligence to ensure safer, more efficient AML checks and screenings. Lawtech 365 Group has not just made a new software platform, we’re making a statement that the future of AML relies on intelligent and adaptive AI technology.”
Raminder Uberoi, partner at London-based Starck Uberoi Solicitors, praised the new AI technology from Verify 365, citing it as a “fundamental paradigm shift in how we verify clients, check their source of funds, and detect unusual activity and areas of concern in conveyancing.”
He added, “This isn’t just another step forward, it’s a quantum leap in anti-money laundering and identity verification processes. What’s particularly striking is its ability to seamlessly integrate cutting-edge machine learning techniques into a traditionally human-dominated sector. The platform’s innovation is not just clever, it’s a transformative approach that sets a new benchmark for the entire industry. In a world full of generic solutions, this new AML software, DynamicAI, stands out as a beacon of ingenuity and forward-thinking.”
Currently in its beta testing phase, this ground-breaking AI-driven platform is receiving rigorous testing and refinement to ensure its robustness and reliability.
The company’s COO, Sarah Arnold, has expressed confidence in the platform’s capabilities and believes it will bring a transformative change to the legal sector’s compliance processes.
The company has announced that this innovative technology will be made available to its “Enterprise” customers starting 1 st April 2024, opening doors to an enhanced, efficient, and more accurate era of AML compliance and financial monitoring for law firms.