Diligent

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Diligent automates AML compliance, streamlines workflows, and reduces costs by enhancing due diligence and minimizing onboarding friction.

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What is Diligent?

Diligent is an AI solution that enhances risk and AML compliance teams' capabilities by automating and strengthening customer due diligence controls. It is designed to streamline workflows by conducting risk investigations on legal entities, reviewing customer documents, and remediating false positive alerts from AML systems. Diligent integrates seamlessly with current systems and vendors without disruptive changes, providing a user-friendly interface and customizable features with an API for specific business needs. It assists in reducing the time and costs associated with AML compliance operations by automating due diligence tasks such as risk investigations, document reviews, and reducing false positive alerts. Additionally, Diligent helps minimize customer onboarding friction by automating the verification of business information and validation of customer-uploaded documents, ensuring a smooth onboarding process.

Who created Diligent?

Diligent was created by its founder, but the specific name of the founder is not provided in the documents. The company was launched on February 1, 2024, with a focus on providing AI solutions to enhance risk and AML compliance teams' capabilities by automating and strengthening customer due diligence controls. Diligent's services are utilized by fintechs and banks to streamline workflows such as conducting risk investigations on legal entities, reviewing customer documents, and remediating false positive alerts from AML systems.

What is Diligent used for?

Automating risk and compliance operations for Fraud and AML teams
Conducting risk investigations on legal entities
Reviewing customer documents such as registry extracts and proofs of address
Reducing false positive alerts from Anti-Money Laundering systems
Verifying business information and validating customer-uploaded documents for onboarding
Enhancing risk assessment capabilities
Minimizing customer onboarding friction
Assisting with transaction monitoring
Helping with regulatory compliance
Providing a comprehensive audit trail

Who is Diligent for?

Compliance Teams
Fraud and AML Teams
Risk assessment professionals
Compliance teams in fintech industry
Risk and compliance operations professionals
KYC/AML professionals
Regulatory compliance professionals
Fraud and AML compliance teams

How to use Diligent?

To use Diligent effectively, follow these steps:

Seamless Integration: Diligent can be seamlessly integrated with your existing AML/KYC systems without requiring disruptive changes. This ensures a smooth transition without interrupting your current operations.
User-Friendly Interface: The platform offers a user-friendly interface, designed for ease of use and efficiency, allowing users to navigate tasks easily and reduce the time spent on training and adaptation.
Customization via API: You can integrate an API into Diligent for customized use, providing flexibility and the ability to adapt the tool to your specific business needs and internal tools.
Comprehensive Audit Trail: Diligent maintains a comprehensive audit trail by following specific workflows and policies, ensuring accountability and traceability throughout the process.
Enhanced Risk Assessments: Utilize Diligent's AI capabilities to conduct detailed risk investigations on legal entities, including industry classification, address analyses, website reviews, and identification of online risk signals for a holistic risk assessment.
Reduce Friction in Customer Onboarding: Automate the verification of business information and validation of customer-uploaded documents, such as registry extracts and proofs of address, to minimize friction in the customer onboarding process.
Streamline AML Operations: Automate time-consuming tasks in AML operations, such as risk investigations on legal entities, document reviews, and reducing false positive alerts, to streamline AML procedures and workflows effectively.
Regulatory Compliance: Diligent helps ensure regulatory compliance by adhering to specific workflows and policies, automating level one tasks, and reducing the risk of non-compliance in operations related to fraud and AML.

By following these steps, you can effectively use Diligent to enhance your risk and compliance operations efficiently.

Pros

Designed for fintech industry
Optimizes AML workflows
Enhances risk assessments
Reduces false positives
Automates level one tasks
Aligns with existing workflows
Provides audit trail
Seamless integration with systems
No disruptive changes needed
Customizability with API
Reduces compliance costs
Minimizes customer onboarding friction
Automates risk investigations
Automates document reviews

Cons

Specific to fintech industry
Depends on large language models
No mention of multicurrency support
Doesn't highlight real-time analysis
Unclear data privacy measures
No accommodating feature for non-AML/KYC systems
Implementation time not specified
Limited to due-diligence tasks
No out-of-the-box alerting system
Unmentioned scalability to large corporations

Pros

Cons

Designed for fintech industry
Optimizes AML workflows
Enhances risk assessments
Reduces false positives
Automates level one tasks
Aligns with existing workflows
Provides audit trail
Seamless integration with systems
No disruptive changes needed
Customizability with API
Reduces compliance costs
Minimizes customer onboarding friction
Automates risk investigations
Automates document reviews

Specific to fintech industry
Depends on large language models
No mention of multicurrency support
Doesn't highlight real-time analysis
Unclear data privacy measures
No accommodating feature for non-AML/KYC systems
Implementation time not specified
Limited to due-diligence tasks
No out-of-the-box alerting system
Unmentioned scalability to large corporations

Diligent FAQs

What specific tasks can Diligent automate for a fraud and AML team?: Diligent can automate tasks such as conducting risk investigations on legal entities, reviewing customer documents such as registry extracts and proofs of address, and reducing false positive alerts from Anti-Money Laundering systems.

How does Diligent optimize risk investigations on legal entities?: Diligent optimizes risk investigations on legal entities by using AI and large language models to automate and enhance the process of due diligence. This includes analyzing the nature of business, industry classification, address analyses, website reviews, and online presence risk signals.

Can Diligent review customer documents such as registry extracts and proof of addresses?: Yes, Diligent can review customer documents such as registry extracts and proof of addresses. It can verify business information and instantly validate these customer-uploaded documents, reducing onboarding friction.

How does Diligent help reduce false positive alerts from AML systems?: Diligent helps reduce false positive alerts from AML systems by automatically investigating alerts from existing Sanctions/PEP/Adverse Media systems. It uses AI to identify and remediate false positives, significantly reducing the time spent on unnecessary investigations.

How does Diligent adhere to specific workflows and policies?: Diligent adheres to specific workflows and policies by using large language models to automate level one tasks. It follows your specific procedures and leaves an audit trail, eliminating the risk of non-compliance in fraud and AML teams' operations.

Can Diligent integrate with existing AML/KYC systems?: Yes, Diligent can seamlessly integrate with existing AML/KYC systems, making it easy to incorporate into your current processes without needing disruptive changes.

Does Diligent require any disruptive changes to my current AML/KYC systems?: No, Diligent does not require any disruptive changes to your current AML/KYC systems. It is designed to integrate smoothly with your existing systems and vendors, enhancing your team's capabilities without interrupting your current operations.

How user-friendly is Diligent's interface?: Diligent's interface is user-friendly. It has been designed for ease of use, making it intuitive and straightforward to navigate. Users can accomplish tasks efficiently, reducing time spent on training and adaptation.