Diligent

What is Diligent?

Diligent is an AI solution designed to really boost the capabilities of risk and AML compliance teams. It works by automating and strengthening customer due diligence controls. It is a smart assistant that streamlines your workflows. It can handle risk investigations for legal entities, carefully review customer documents, and even help sort out those pesky false positive alerts from your AML systems. What’s great is that Diligent fits right in with your current systems and vendors – no need for major, disruptive changes. It offers a user-friendly interface, and you can customize features using an API if you have specific business needs. Ultimately, Diligent helps cut down the time and costs involved in AML compliance. It does this by automating tasks like risk investigations, document reviews, and reducing those common false positives. Plus, it makes the customer onboarding process much smoother by automatically verifying business information and checking documents customers upload, ensuring everything goes easily.

Who created Diligent?

Diligent was founded by its creator, though the specific name isn’t mentioned in the available information. The company officially launched on February 1, 2024. Its main goal is to provide AI solutions that empower risk and AML compliance teams by automating and improving customer due diligence. Fintechs and banks are already using Diligent’s services to make their workflows more efficient. This includes tasks like investigating legal entity risks, reviewing customer documents, and dealing with false positive alerts from AML systems.

What is Diligent used for?

• Streamlining operations: It automates many of the day-to-day tasks for Fraud and AML teams.
• Risk investigations: It conducts thorough risk checks on legal entities.
• Document review: It helps review important customer documents, like registry extracts and proof of address.
• Reducing false positives: It works to cut down on those annoying false positive alerts from Anti-Money Laundering systems.
• Onboarding efficiency: It verifies business information and validates customer documents to make onboarding smoother.
• Better risk assessment: It enhances your ability to assess risks accurately.
• Smoother onboarding: It helps minimize any friction customers might experience during the onboarding process.
• Transaction monitoring support: It can assist with keeping an eye on transactions.
• Regulatory adherence: It helps ensure you’re meeting all the necessary regulatory compliance requirements.
• Clear audit trails: It keeps a detailed record of everything, providing a comprehensive audit trail.

Who is Diligent for?

Diligent is a valuable tool for a range of professionals and teams, including:

• Compliance Teams
• Fraud and AML Teams
• Risk assessment specialists
• Compliance teams within the fintech industry
• Professionals in risk and compliance operations
• KYC/AML specialists
• Regulatory compliance professionals
• Teams focused on Fraud and AML compliance

How to use Diligent?

To get the most out of Diligent, here’s a straightforward guide:

1. Easy Integration: Diligent is designed to connect smoothly with your existing AML/KYC systems. You won’t need to make any disruptive changes, ensuring your current operations continue without interruption. It’s a really straightforward transition.
2. Simple to Use Interface: The platform features a user-friendly interface that’s built for efficiency. This means you can navigate tasks easily, cutting down on the time typically spent on training and getting used to new software.
3. Customization with API: Need to tailor it further? You can integrate an API directly into Diligent. This gives you the flexibility to adapt the tool precisely to your unique business needs and connect it with your internal tools.
4. Keeps a Full Audit Trail: Diligent diligently maintains a comprehensive audit trail. It does this by following specific workflows and your established policies, which ensures accountability and makes sure you can trace every step of the process.
5. Boost Your Risk Assessments: Take advantage of Diligent’s AI capabilities to perform in-depth risk investigations on legal entities. This includes analyzing industry classification, reviewing addresses, checking websites, and spotting online risk signals for a truly holistic risk assessment.
6. Make Customer Onboarding Easier: Automate the verification of business information and the validation of documents customers upload, like registry extracts or proof of address. This significantly reduces friction during the customer onboarding process.
7. Streamline AML Workflows: Automate those time-consuming tasks in AML operations. This includes risk investigations for legal entities, reviewing documents, and reducing false positive alerts. It’s all about making AML procedures and workflows more efficient.
8. Stay Compliant: Diligent helps you stay on top of regulatory compliance. It adheres to specific workflows and policies, automates initial tasks, and lowers the risk of non-compliance in your fraud and AML operations.

By following these steps, you can effectively use Diligent to enhance your risk and compliance operations in a really efficient way.