Singapore-headquartered DBS Bank has collaborated with Exiger to deploy an AI-powered due diligence solution to prevent financial crimes.

The lender has selected Exiger-designed DDIQ which assesses content with cognitive reasoning to improve risk assessments of clients, investments and transactions.

The process expedites and strengthens customer screening processes. DBS Bank can also utilise DDIQ to carry out risk assessments of third parties and counterparties.

Additionally, the platform records all findings to facilitate future data extraction for audit, compliance, and regulatory purposes.

DBS Bank Legal, Compliance and Secretariat managing director and head Lam Chee Kin said: “Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving.

“It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists.”

Initially, Exiger will deploy DDIQ to improve customer screening processes for DBS’ institutional and retail clients across key markets.

Subsequently, DBS plans to expand the usage across its businesses.

Exiger president of Global Technology Markets Brandon Daniels said: “Banks are quickly recognising that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements.

“DBS is cutting the path for traditional financial institutions to transform and compete in today’s digital market.”

In August, Sumitomo Mitsui Banking Corporation Europe selected DDIQ to improve its KYC programme and combat financial crimes.