Customer success story
Co-developing the first AML due diligence tool powered by a Large Language Model
Before Xapien
The General Counsel at Pinsent Masons recognised that digitisation was essential for the compliance team to conduct due diligence earlier in the onboarding phase in a way that better balances resources. However, the firm faced challenges in finding a tool that was both reliable and trustworthy. This led them to partner with us to co-develop the legal market’s first AML due diligence tool powered by a Large Language Model (LLM).
With Xapien
When integrated into the process, the firm expects low-risk clients to be cleared in hours as opposed to days. Rather than spreading their focus equally across all clients, Xapien will enable its analysts to allocate resources more effectively to higher-risk cases, applying the appropriate level of AML controls to each client and focused ongoing monitoring.
In around 15 minutes, Xapien will generate a detailed report that identifies potential AML risks, anti-bribery and corruption (ABC) risks, and environmental, social, and governance (ESG) risks. It will also flag risky connections and associations that manual checks might miss. Automating these checks and providing deeper insights from open sources can significantly speed up client onboarding times. This is crucial for firms like Pinsent Masons since many clients go through the process at once.
The report will assign a risk rating to the client based on the data collection completed. If the report indicates a low risk, it will be passed through the system with minimal oversight. For medium-risk cases, the report will be sent to the AML team for further evaluation. If the analyst determines that a case is high risk after their review, additional verification will be required based on the specific risks identified for the client. This might involve scrutinising the Xapien report in greater detail, consulting with the partners, or requesting further information from the client.
"Once Xapien is integrated into the process, the firm expects low-risk clients to be cleared in hours as opposed to days."
Andrew Cheung, General Counsel at Pinsent Masons
Xapien streamlines due diligence
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