How AI can be applied to client onboarding

The public and regulatory mood has shifted. Law firms no longer ask “can we do business?” with a client but “should we?” This is a complex and nuanced question that existing tools and processes are ill-equipped to answer. So, what role can AI play here? Or more precisely, what role should it play? The general consensus is AI technology has its role to play. But law firms need to be confident in, and understand, the capabilities of the systems they use to support their compliance activities. Where the technology really shows its value is in its ability to do the heavy lifting by providing large amounts of data about individuals or companies. Having access to open-source information to support decision-making is highly beneficial. Thinking about it in the context of anti-money laundering (AML), that’s one thing. But as we discuss in this session, compliance is expanding it into the wider ESG sphere and AI technology can help.