Fivecast AI-driven Platform To Revolutionise Financial Crime Compliance

KUALA LUMPUR, March 26 (Bernama) -- Fivecast has launched its cutting-edge, artificial intelligence (AI)-driven digital intelligence platform designed to transform the financial crime compliance market for financial institutions.

According to a statement, the platform streamlines financial crime investigations, anti-money laundering (AML), know your customer (KYC), and enhanced due diligence (EDD) through online data analytics.

Fivecast co-founder and vice president of strategic growth, Duane Rivett highlighted the platform's ability to dramatically speed up and improve the accuracy of compliance processes.

He compared the technology’s use in financial institutions to its application in national security for analysing extremist networks, noting its potential to support a more efficient, risk-based approach to compliance while reducing costs.

Fivecast empowers financial investigation teams to swiftly and efficiently assess customer risk by extracting actionable insights from a broad array of online data sources.

By utilising AI-driven multimedia analysis, it uncovers critical information often missed by current financial intelligence methods, providing a more accurate view of risk exposure.

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As global regulatory requirements for AML compliance evolve, the need for accurate, timely, and comprehensive data has intensified. Fivecast’s platform addresses this need, with increasing global penalties related to financial crime underscoring the importance of up-to-date due diligence.

Fivecast solutions empower financial investigation units to efficiently and accurately assess a customer’s risk profile to rapidly identify predicate crimes and customer risk exposure and adopt a genuine risk-based approach to compliance while minimising compliance costs.

-- BERNAMA