The job: Onboarding packs arrive incomplete, analysts re-key data from PDFs, and periodic reviews pile up.
What AI actually does here
- Extracts entity details, directors, owners and addresses from documents.
- Checks the pack against your firm’s checklist and lists what’s missing.
- Summarises the file and highlights inconsistencies for the analyst.
Tools to look at
- Client lifecycle and KYC platforms such as Fenergo (check current AI features)
- Document extraction (OCR plus AI) within firm-approved systems
Named tools are examples, not endorsements. We have no paid relationships with them at the moment; see our disclosure.
What you need first
- Your firm’s documented AML/KYC policy. The decision and accountability stay with people (see the FCA’s financial crime pages).
- A data protection assessment: this is personal data (see ICO guidance).
- A test set of past files with known correct outcomes, to measure accuracy before go-live.
How to measure ROI
- Days from first contact to account opened.
- Analyst hours per file, and the backlog of periodic reviews.
- Rework rate: files sent back by quality assurance.
- Time saved only counts if it’s redeployed or avoids extra hiring.
Run the numbers in the ROI calculator →
What the evidence says
In the Bank of England and FCA 2024 survey, firms rated anti-money laundering and combating fraud among the areas with the highest current perceived benefit from AI.
Ready-to-use prompt
Replace the [BRACKETS]. Only paste data you’re allowed to share with the tool you’re using.
View promptYou are assisting a KYC analyst. The documents are TEST or ANONYMISED.
You are assisting a KYC analyst. The documents are TEST or ANONYMISED.
CHECKLIST (from our policy):
"""
[paste required items for this client type]
"""
DOCUMENT TEXT:
"""
[paste extracted text]
"""
1. For each checklist item: present / missing / unclear, with the quote and document it came from.
2. List any inconsistencies (names, dates, addresses, ownership percentages).
3. Write a 5-line file summary for the reviewer.
You are not making a risk decision. Never fill gaps with assumptions.Sources
- FCA, Money laundering and terrorist financing Regulator page
- Bank of England and FCA, "Artificial intelligence in UK financial services – 2024" Regulator survey
- Fenergo (product page) Vendor page
- ICO, Guidance on AI and data protection Regulator guidance
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