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AI transforms AML compliance globally

22 Nov 2024News

Pinsent Masons and Xapien unveil a groundbreaking AI tool to revolutionize Anti-Money Laundering compliance

Multinational law firm Pinsent Masons, in partnership with AI SaaS company Xapien, has launched the world’s first large language model AI tool tailored for Anti-Money Laundering (AML) compliance. This pioneering solution aims to tackle soaring compliance costs, slow client onboarding, and inefficiencies in risk allocation.

“The need for faster, better, and more efficient compliance has never been greater,” said Andrew Cheung, General Counsel at Pinsent Masons.

The AI-powered tool is designed to streamline processes by expediting onboarding times from weeks to mere hours, freeing analysts to focus on higher-risk clients. Consolidated risk assessments and automated due diligence enable firms to mitigate risk and gain a competitive advantage.

This innovation addresses significant challenges in the AML industry, where manual processes often delay client onboarding, disrupt cash flow, and alienate clients.

Chris Green, CEO at Xapien, highlighted the transformative potential: “Our collaboration with Pinsent Masons represents a major advancement in the application of AI to solve these compliance challenges.”

This breakthrough not only modernises AML practices but also redefines how law firms and businesses approach risk and compliance globally.

Legal News desk contact: editorial@solicitorsjournal.com

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