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This article explores how OCR, integrated with artificial intelligence (AI), can revolutionize compliance processes in different industries, with an emphasis on key benefits and applications.

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OCR Use Cases in Compliance

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1. Document Processing in Onboarding

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One of the most common uses of OCR on the Complif platform is the processing of documents during customer onboarding. OCR allows the automatic extraction of data, generation of summaries, verification of affidavits against documentation and highlighting of relevant information. Not only does this improve the accuracy and speed of the process, but it also ensures regulatory compliance by verifying the authenticity and validity of identity documents.

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2. Fund Source Management in Financial Institutions

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In the prevention of money laundering and the financing of terrorism, managing the sources of funds is critical. OCR automates the collection and verification of documents such as bank statements and tax returns, extracting relevant data such as names, dates and amounts. This improves operational efficiency, reduces errors and ensures regulatory compliance, protecting the reputation of financial institutions.

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3. Credit Analysis

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Credit analysis involves evaluating a company's creditworthiness and ability to pay. Complif OCR automates the identification of data in financial statements, analysis of lines of financial statements and results, and generation of financial indicators and ratios. This speeds up the process, reduces workload, improves data accuracy, and allows for more effective credit evaluation.

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4. Enough of Powers

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The process of suffocating powers is essential for identifying the powers of representation of legal persons. OCR allows you to process and analyze simple and complex powers, generating personalized automatic opinions and comparing extracted information with highlighted original documents. This speeds up the opening and management of accounts, reducing the workload and improving the accuracy of the analysis.

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