Reported by Abbinaya Kuzhanthaivel

(Excerpt shared below. To read full report, go to: https://www.itnews.asia/news/bank-of-singapore-deploys-ai-to-automate-kyc-process-621076)

Bank of Singapore has launched an agentic artificial intelligence (AI) tool to streamline the process of verifying the legitimacy of clients’ wealth, a key step in Know-Your-Customer (KYC) due diligence. 

The bank said the AI tool – Source of Wealth Assistant (SOWA) marks a major leap in automating regulatory compliance, reducing reporting time from 10 days to just one hour. 

SOWA is designed to help relationship managers swiftly generate comprehensive and standardised SoW reports. These reports are critical in understanding a client’s background, including their career history, investment activities, and business ventures – a process that traditionally involved manually reviewing hundreds of pages of financial documents such as tax notices, payslips, property valuations and corporate filings. 

Kam Chin Wong, Global Head of Financial Crime Compliance at Bank of Singapore, said, “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.”  

He added that Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making.