SMBC deploys Exiger’s anti-money laundering solution DDIQ in EMEA Region

Sumitomo Mitsui Banking Corporation Europe (SMBC) has selected Exiger’s artificial intelligence-powered technology DDIQ to strengthen the bank’s know your customer (KYC) and anti-money laundering (AML) requirements in the Europe, the Middle East and Africa (EMEA) region.

DDIQ platform, deployed throughout SMBC’s client onboarding and monitoring processes, comprehends and evaluates content with cognitive reasoning to improve risk assessments of clients, investments, transactions, third parties and counterparties.

SMBC representative said: “We are excited to work with a proven innovator in both explainable AI and financial crime compliance to enhance risk management, inform faster Know Your Customer (KYC) decisions, and improve the SMBC customer experience.

“Our agreement with Exiger continues our investment in technology to advance the standard, speed and efficiency of our AML processes.”

The global financial institution is expected to minimize false positives in customer due diligence and improve operational efficiency by more than 80% by integrating multi-disciplinary subject matter expertise with disruptive and purpose-built technology.

Brandon Daniels – president of  Exiger Global Technology Markets said: “Our goal is to ease the client onboarding process by bolstering SMBC’s deep expertise and global footprint with DDIQ’s capabilities, leading the way to advance the standard of efficiency and automation in global banking.”

Exiger is a regulatory and financial crime, risk and compliance company. The company has four principal business units: Exiger Advisory; Exiger Diligence; Exiger Government Services; and Exiger Tech, including artificial intelligence-based automated due diligence solutions DDIQ and Insight 3PM.