Success Story
Transforming Multilingual AML/KYC & Identity Verification
How DOKS used Match Identity for AML/KYC Compliance
The Impact
Match Identity for AML/KYC Compliance
75%
Reduction in False Positives
Results Accelerated
Drastically decreased costs by reducing manual review
Confidence Built
Maintained customer trust in automation with continuous reliability in results
Customer Challenge
Reduce false positives in AML/KYC screenings
Understanding the Threat
Lessening risk and labor of regulatory obligations
- DOKS digitizes screening for major financial institutions, bookkeepers, attorneys, and brokers for easing burdensome, high-stakes screening
- Mistakes in verifying UBOs and electronic IDs result in punitive fines and reputational damage. False positives burden clients
- Challenge was to reduce client risk and time needed for regulatory obligations
The Solution
Configurable, transparent match scoring is key
Resolving Customer Challenges
Accurate, multilingual screening enables automation
- Match Identity integrated with existing system for faster, more accurate multilingual screening
- DOKS customers configure thresholds to meet their requirements and balance false positives/negatives
- Match scoring is transparent and explainable to third-party audits
How will you use Babel Street?
Let’s talk about how your organization can benefit from AI-powered data to mitigate risk and maximize your efficiency and decision-making.