WorkFusion has introduced generative artificial intelligence AI (GenAI) advancements to its pre-built AI Digital Workers to help financial institutions prevent financial crime apart from derisking genAI.

AI Digital Workers helps anti-money laundering (AML) teams in combating financial crime as well as support in regulatory compliance for banking and financial services institutions.

It also helps existing teams in functions including sanctions, customer onboarding, know your customer (KYC), and customer service.

Based in the US, WorkFusion offers AI regulatory compliance solutions for banking and financial services.

According to WorkFusion, the new GenAI features increase automation rates up to 95%.

The capabilities also mitigate the risk of errors to nearly zero and deliver better narratives to assist AML analysts to speed up time to decisions and offer a more detailed narrative to regulators, said the firm.

AI Digital Workers are co-pilots for AML analyst teams.

By leveraging machine learning, the autonomous workplace agents (AWAs) review and disposition alerts, carry out third-party enhancement searches, collect data, and analyse text and document evidence and support documentation in near real-time.

WorkFusion chief technology officer Peter Cousins said: “GenAI is a powerful tool. However, it is too slow, too expensive and has too many random behaviors to be used responsibly in a regulatory environment entirely on its own.

“But when GenAI is supplemented by an ensemble of people and other AI approaches you get great results, you don’t overpay, and you don’t wait too long. This helps financial institutions leverage the benefits of GenAI without the added risks.”