AI adoption remains in the early phases among agents
Compliance teams are facing more pressure but remain reluctant to fully adopt artificial intelligence to fully tackle issues, says Thirdfort.
More than two-thirds of senior compliance professionals in UK estate agency and property firms are exploring the role of artificial intelligence (AI) in client due diligence but barriers remain to full adoption, research suggests.
Anti-money laundering (AML) platform Thirdfort’s Agents of change report found that 68% said their company is researching, trialling and exploring how client due diligence (CDD) processes could look with AI.
There appears to be hesitance when it comes to actually putting AI processes in place.
Just 6% said they have already embedded AI into the way they work.
Meanwhile, only 2% of senior compliance professionals said their firm does not use AI at all.
AI adoption is still at an early phase.”
The findings come as compliance teams face growing pressure. More than four in five, at 85%, of senior compliance leaders surveyed said that the demands on the compliance function in their firm have increased in the past 12 months.
The research also revealed several barriers to greater AI adoption in client due diligence processes.
Top barriers included data security and General Data Protection Regulation. Regulatory uncertainty, and skills and knowledge gaps.
The research also revealed the most common uses of AI in property firm compliance including drafting documentation, summarising regulations or documents, identity verification, risk assessment and to create training resources.
Early adoption
Olly Thornton-Berry (pictured), Co-founder and Chief Executive of Thirdfort, says: “Despite growing pressure on law firms and estate agent compliance teams, our research shows that AI adoption is still at an early phase.
“However, using AI effectively can reduce the burden of routine client due diligence tasks, allowing compliance professionals to focus their time and expertise on the more complex cases.
“Thirdfort continues to invest in our intelligent client due diligence platform as demand grows from firms for technology that takes the legwork out of compliance tasks and provides greater oversight of risk across their organisations.”
