Governments around the world are increasing the customer due diligence requirements of “Know Your Customer” (KYC), beginning with the 4th EU Money Laundering Directive. In addition to watch lists, firms must be ready to screen for “politically exposed persons” (PEPs)—public officials and close associates who are at “higher than usual risk” of corruption.
Banks need the ability to assess the risks of doing business with new or existing customers who may be, or become, a PEP. The data exists within countless news articles, blogs, and social media posts on the Internet. The solution is in open source intelligence (OSINT) through large-scale data harvesting and multilingual natural language processing (NLP).
To help further explain how NLP and OSINT can be used for KYC initiatives, we are excited to announce that we are having a joint webinar “Stay Ahead of the Curve: Add PEPs to Know Your Customer in AML” with our entity enrichment technology partner Basis Technology on Wednesday, June 10, at 1 p.m. CST.
In this webinar, we will cover how OSINT and natural language processing can be used jointly to assist screening for politically exposed persons (PEPs) for due diligence requirements associated with KYC. Data exists within countless OSINT sources such as articles, blogs, and social media posts that can be leveraged to support KYC initiatives.
This webinar is for you if you’ve ever wondered:
- What is the Deep Web?
- How OSINT can be used to support due diligence?
- What tools can be used to assist in name disambiguation for PEPs?
- What natural language processing tools exist that can combine OSINT and KYC initiatives?
We will be showing some of the exciting things we have been doing with data from the Web. We’ve realized that with a little creative thinking, some clever structuring, and the proper dataset, you can really do anything with Big Data from the Web.
Photo: Fernando Amaro Caamano