Local digital agency Blue Llama have teamed up with regulatory, compliance and fiduciary investment consultancy Cyan Regulatory to develop a digital tool to help Jersey businesses navigate the intricacies of the Anti-Money Laundering Regime.
The new chatbot, ‘MaxAMLian’ or ‘Max’ (pictured), is an artificial intelligence (AI) powered assistant designed to assist financial services businesses and other professional firms with navigating the AML/CTF/CPF Regime in Jersey; whether they are a trust company, estate agent, fund administrator or any other business dealing with large sums of money and assets.
Max has been trained on relevant legislation, regulation and guidance issued by the Jersey Financial Services Commission and is able to provide a summary of the requirements and provide links to the relevant documents.
Anyone can visit the website, and use a simple chat interface to type their questions to Max. They’ll get a response in real-time, eliminating the need to trawl through multiple regulatory documents. It’s hoped that Max will make getting AML help easy and reduce the demands on businesses’ compliance teams, and what’s best – for the time being it’s free and anonymous, too!
Max harnesses the power of ChatGPT and has been trained on over 250,000 words from the JFSC’s Handbook, relevant legislation and guidance. Whilst the chatbot has been tested by regulatory experts and its answers improved by uploading additional information, the technology remains experimental, but it is hoped that this innovative tool will be welcomed by professionals across Jersey.
Nicola Crowell, Director at Cyan Regulatory explained: “Our commitment to investing for excellence is reflected in the development of this experimental chatbot which we hope will contribute to the ongoing success of Jersey’s financial services industry. This is the first of the projects created by our Innovation Unit which combines the expertise from the different parts of the Altair Group to develop tools to enable our clients to meet the challenges of the regulatory regime efficiently and effectively.”
Phil de Gruchy, Managing Director of Blue Llama, added: “We love identifying and developing ways our clients can use AI to help boost their productivity. Max is a great example of how we can digest lots of complex information then provide easy conversational access to it. We’ve used the same approach to develop AI assistants to help with customer service as well as others to assist employees easily interrogate their company’s policies and procedures.”