omniture

DBS partners with Exiger, tech leader in risk and compliance solutions, to fend off evolving risks of financial crime

Exiger
2019-11-15 12:07 919

To harness screening technology powered by artificial intelligence to enhance customer screening processes

SINGAPORE and NEW YORK, Nov. 15, 2019 /PRNewswire/ -- To fend off the evolving risks of financial crime, DBS Bank has partnered with Exiger, the global leader in tech-enabled financial crime, risk and compliance solutions, to implement an artificial intelligence (AI) powered due diligence solution to streamline and further bolster the bank's screening processes.


Designed by Exiger's technologists and financial crime compliance specialists, the automated AI-powered solution, DDIQ, understands and analyses content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties. Findings from each level of risk assessment are recorded in the platform in a transparent and concise manner to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes.

In phase one, DBS will work with Exiger to deploy DDIQ's AI-powered screening technology to initially enhance and complement the bank's customer screening processes for institutional and retail clients in key markets and segments, with a view to using this capability more broadly.

Lam Chee Kin, Managing Director and Head, Group Legal, Compliance and Secretariat at DBS Bank said, "Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving.  It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists."

Brandon Daniels, President of Global Technology Markets at Exiger, said, "Banks are quickly recognizing that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements. DBS is cutting the path for traditional financial institutions to transform and compete in today's digital market. It's an honor to be a part of their leadership in financial services and to invest in what will set the standard for compliance departments across the world."

The two organizations will continue to collaborate in accelerating adoption of AI in compliance, driving new ideas and innovation in banking.

About DBS 
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. 

Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 11 consecutive years from 2009 to 2019.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com

About Exiger
Exiger is the global authority on financial crime and risk compliance introducing technology-enabled solutions to the market's biggest compliance challenges. Exiger is changing the way banks, corporations and governmental agencies fight financial crime by combining industry expertise and artificial intelligence to root out bribery, corruption, sanctions violations, money laundering and terrorist financing. In recognition of the growing volume and complexity of data and regulations, Exiger is committed to working with clients to create a more sustainable compliance environment through its holistic and innovative approach to problem solving.  Powering its Advisory, Diligence and Government Services solutions, Exiger has developed purpose-built technology –– DDIQ and Insight 3PM –– trained and deployed by its subject matter experts to accelerate the auditability, efficiency, quality and cost effectiveness of clients' compliance operations. Exiger operates in six countries and eight cities around the world, including London, New York City, the Washington, D.C. metro area, Toronto, Vancouver, Bucharest, Hong Kong and Singapore.

CONTACTS

DBS
Jean Khong
+65 9791 2300
jeankhong@dbs.com 

Michelle Tan
+65 9711 3356
michelletanyz@dbs.com

Exiger

Kody Gurfein
+1 212 455 9408
kgurfein@exiger.com 

Dana Mirman
+ 1 917 583 0777
dana@markallenco.com

Photo - https://mma.prnewswire.com/media/1029896/DBS.jpg
Logo - https://mma.prnewswire.com/media/378374/Exiger_Logo.jpg

Source: Exiger
Related Links:
collection