TLDR: DeepDive has launched a new AI-powered platform aimed at significantly improving the speed and accuracy of financial crime detection and prevention. The platform leverages multi-language web search, regulatory compliance data, natural language processing, entity resolution, and generative AI to streamline Enhanced Due Diligence (EDD) and investigations, offering a 10x speed increase and uncovering intelligence often missed by manual processes.
DeepDive, a technology firm specializing in Anti-Money Laundering (AML) and financial crime intelligence, has officially launched its innovative AI platform designed to transform Enhanced Due Diligence (EDD) and investigative processes. The introduction of this platform addresses a critical challenge faced by AML compliance analysts: the trade-off between conducting thorough, time-consuming investigations and fast reviews that risk overlooking vital intelligence.
The new AI platform integrates multi-language web search capabilities with global regulatory compliance data checks, significantly extending the reach and depth of EDD and financial crime investigations. Compliance teams and investigators can now efficiently sift through a vast “digital ocean” of open-source data. This includes public records, corporate filings, court documents, news archives, social media profiles, and critical data from Politically Exposed Persons (PEP), sanctions, and watchlist databases, all to build comprehensive customer intelligence.
A key innovation of DeepDive’s solution lies in its unique combination of advanced search tools, natural language processing (NLP), entity resolution, and generative AI. This powerful synergy enables EDD research to delve deeper and access a broader array of sources, regardless of language or alphabet. Instead of investigators spending countless hours manually clicking through search results and cross-referencing fragmented information, DeepDive’s AI processes hundreds of sources simultaneously.
The platform then presents detailed EDD reports, which can be viewed and analyzed by timeline, alert type, or risk category. Furthermore, analysts can interact with the accumulated body of knowledge using a built-in chatbot, allowing them to quickly get to the heart of complex matters and make more informed risk decisions.
DeepDive’s approach strengthens EDD by generating multiple search permutations across publicly available data and targeted compliance databases in relevant languages and local search engines. After compiling the most exhaustive possible dataset for analysis, entity resolution refines the data pool to eliminate false positives. Subsequently, multiple generative AI tools are employed to construct a structured intelligence report, complete with full citations to original sources and a transparent audit trail.
The comprehensive DeepDive report covers a wide spectrum of information, including personal background, legal issues, financial integrity, compliance history, and key relationships. It reveals crucial financial insights, known associates, locations, company linkages, political connections, and criminal activity, all structured for immediate analysis.
David Pope, COO at DeepDive, highlighted the platform’s benefits, stating, “DeepDive addresses the pain points facing compliance teams such as time-intensive manual research, incomplete data, language barriers, false positives, and the challenge of processing vast amounts of information at scale.”
Pope also confirmed the success of their beta phase: “We’ve now completed a successful six-month beta with investment banks, outsourced EDD providers and financial crime investigators. DeepDive has helped them build deeper intelligence on high-risk customers, in a fraction of the time. Not only are we uncovering intelligence that the manual EDD approach misses, but with the time saved, financial services firms can extend EDD across a wider set of customer transactions.”
The team behind DeepDive comprises industry veterans who have a proven track record of launching, scaling, and successfully exiting several fraud investigation and Know Your Customer (KYC) platforms.
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This groundbreaking platform is expected to broaden the reach of the Enhanced Due Diligence process while making compliance investigations up to 10 times faster.
