BOS Deploys AI Tool to Automate KYC Process
OCBC’s private banking unit has rolled out an agentic AI tool that automates a due diligence process that is expected to help relationship managers save significant amounts of time.
Bank of Singapore has introduced an agentic artificial intelligence (AI) tool that will automate a part of the know-your-customer (KYC) due diligence process related to ensuring the legitimacy of clients’ wealth and transactions, according to a statement.
The tool, called Source of Wealth Assistant (SOWA), will help relationship managers shorten the time needed to deliver reports from 10 days to one hour, which will significantly improve account-opening efficiency.
The accuracy of reports is expected to increase substantially with reduced human errors, such as inconsistent and missing information. Plausibility of information can also be validated using benchmarks, such as salary and company revenue, based on the extensive database of the bank and parent company OCBC. Relationship managers retain oversight of the reports while information is hosted on the bank’s private cloud for security.
Previous Experience
In contrast, relationship managers had previously manually reviewed hundreds of pages of documents on clients’ background, investment history, business activities, professional career and corroborative evidence to write reports on the source of wealth. These documents typically include financial statements, tax notices, property valuation records, corporate filings and payslips.
«In an increasingly complex risk landscape, artificial intelligence can play a pivotal role by automating repetitive tasks like report generation and data validation. Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making,» said Kam Chin Wong, global head of financial crime compliance, Bank of Singapore.
«With AI integrated into the source of wealth reporting process, relationship managers can shift their focus from manual documentation to meaningful client engagement and risk assessment. This not only strengthens client relationships but also maintains high standards of regulatory compliance while delivering greater value.»
