Citi Perspectives Fall 2019

Increased use of artificial intelligence (AI), machine learning (ML) and other technologies can help to eliminate time- intensive, manual processes, provide valuable insights and deliver a clearer view of risk activity. Going beyond efficiency, AI can also become a critical tool to better understand the trade business through the application of enhanced analytics. Global trade, while being one of the key foundations of the international economy, has traditionally involved cumbersome and time-consuming processes across multiple countries. The vast majority of transactions remain paper-based and therefore involve significant levels of manual processing. The paper-based nature of transactions can also make it difficult to spot patterns in transactions or learn from past experiences. With more regulatory requirements, which are intended to root out fraud, money laundering, terrorism, human trafficking and other illegal activities, added every year, there is greater potential for transactions to become more complex and time intensive. Investing in technology to bridge the gap To address these challenges, Citi has worked to develop new trade-related strategies over the past 25 years with a continued investment in new trade technology. As one of the leaders in digitization, Citi was among one of the first banks to digitize documents and extract information using optical character recognition (OCR). Now Citi has made the next technological advancement in processing trade-related documentation by deploying AI and ML to help alleviate the increasing pressures and regulatory expectations of trade compliance. Valeria Sica Global Head, Trade Services, Treasury and Trade Solutions, Citi Edward Stoltenberg AML Risk Management, Treasury and Trade Solutions, Citi 50 The Next Frontier: Streamlining Trade Compliance through Artificial Intelligence