Can AI do KYC/CDD at account opening?

An expert breakdown of a typical process from public sources, worked out by the same rules as your own check.

0 of 9 steps go to an agent

Goes to an agent (0)

An agent does these steps on its own.

No steps here.

AI prepares the work; a person reviews and confirms it.

Collect the customer's identification data (CIP: name, date of birth, address, TIN)
A person signs off: the law or a regulator holds someone accountable for it.
Verify identity against documents and external databases
A person signs off: the law or a regulator holds someone accountable for it.
For a legal entity: obtain the beneficial ownership certification (25% share and control)
A person signs off: the law or a regulator holds someone accountable for it.
Identify and verify the beneficial owners
A person signs off: the law or a regulator holds someone accountable for it.
Screen against sanctions lists, PEP and adverse media
A person signs off: the law or a regulator holds someone accountable for it.
Ongoing monitoring of transactions and refresh of customer information
A person signs off: the law or a regulator holds someone accountable for it.

These steps need a person's judgement or presence.

Build the customer risk profile (purpose and nature of the relationship)
Stays with people: it takes judgement that depends on your business context.
- Judging risk or priority in a business context
Decide: open the account, decline, or start enhanced due diligence
Stays with people: it takes judgement that depends on your business context.
- Judging risk or priority in a business context
Escalate suspicious activity and file the report with the regulator
Stays with people: it takes judgement that depends on your business context.
- Judging risk or priority in a business context

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