Ondato streamlines AML checks, reduces onboarding time

Ondato has launched an AI-powered adverse media feature designed to streamline anti-money laundering (AML) workflows.

The feature automatically screens online sources for negative mentions, such as fraud allegations, lawsuits or regulatory actions, during the identity verification and KYC process.

Initiated automatically during the KYC process, the tool scans media sources for potential reputational risks and analyzes the context of any adverse mentions while assessing the credibility of the sources, according to Ondato.

The result is an AI-generated summary of any findings, which are displayed directly within the Ondato OS dashboard. Links to the original sources and an automatically generated risk score are provided. The customer’s information is used to identify relevant media mentions.

The tool’s deployment is customizable and can be added to existing IDV setups upon request, Ondato says.

“As AML officers face growing pressure to increase accuracy and reduce onboarding time, our goal is to empower them with smarter tools,” says Liudas Kanapienis, CEO and co-founder of Ondato.

“The launch of AI-powered adverse media checks is a big step forward in our mission to automate time-consuming compliance tasks. We’re freeing AML teams from grunt work, so they can focus on critical decision-making.”

Ondato says it will expand its AI tools across the AML lifecycle. With financial crime threats evolving rapidly, the company believes that embedding AI deeper into compliance processes is essential to protect institutions and their customers from emerging risks.

Article Topics

AML  |  digital identity  |  fraud prevention  |  identity verification  |  KYC  |  onboarding  |  Ondato