Summer ‘24 Product Update: Currency Transaction Reports (CTRs), AI File Summarization, Slack & Microsoft Teams Apps, And More

Today, we’re excited to share our summer roundup of new features and enhancements – jam-packed with time-saving tools built for busy risk and compliance professionals.

When it comes to risk and compliance work, one thing is never in short supply: paperwork. Reviewing customer documents, conducting third-party research, completing regulatory reports – these are all critical and required tasks but also incredibly time-consuming ones.

That’s where automation and AI can help (and the kinds of tools you’ll find in this update!). By eliminating manual data entry and surfacing fast, accurate insights, investigators can spend less time sifting through information and more time actually using the information to work their cases.

We’re giving you two new tools to help you accomplish just that (less paper, more work): automated currency transaction reporting and AI summaries for your case files. You’ll also find new integrations with Slack and Microsoft Teams and even more enhancements to the platform.

Ready to explore what’s new and improved in Hummingbird? Let’s take a look:

• Currency Transaction Reports (CTRs)
• AI file summarization
• Slack & Microsoft Teams Apps
• Profile attachments
• Workflow templates

PS. In case you missed it: We introduced a brand new Customer Due Diligence solution. It’s designed to bring much-needed automation and time-savings to the manual review process – helping you onboard more customers and simplify ongoing monitoring.

Automatically prepare and electronically file Currency Transaction Reports (CTRs) with FinCEN

Let’s be honest: Manually filling out and submitting regulatory reports is nobody’s favorite kind of work. It’s slow, tedious, and error-prone – and doubly so for higher volume reports like Currency Transaction Reports (CTRs). We’re here to help you speed up and streamline the filing process by bringing our automated reporting technology to CTRs.

Now, in Hummingbird, you can automatically prepare CTRs, using your case data, and file reports directly with FinCEN (in just one click!). Hundreds of validation checks help ensure your reports meet FinCEN’s requirements and won’t receive warnings or be rejected. You’ll get complete oversight with one place to manage your workflows, track the status of your filings, and maintain an audit trail of all filing-related activity.

Use AI to quickly glean key details from case files

Is reviewing reports and paperwork slowing your team down? Cut through the noise with AI file summarization. Now, you can quickly extract just the key details with accurate, AI summaries. It’s the perfect time-saver for all those long, dense documents (think: legal records, criminal proceedings, credit reports, ownership documents, and so much more).

“AI file summarization is a real time-saver for investigators. The summaries are easy to digest and seamlessly integrated into the case. There's even support for multiple languages, which is hugely beneficial to a team like ours that conducts investigations globally. We just see so much potential for automating the team's work!"

- Britta Reinan, Program Manager, Financial Crimes Controls, Stripe

Stay in the loop with Slack & Microsoft Team Apps

Stay up-to-date on what’s happening in Hummingbird, in all the places your team works. With our new Slack and Microsoft Teams Apps, you can post notifications in your team channels when updates are made to cases, reviews, and regulatory report filings. Get notified about everything from new cases and assignments to upcoming due dates.

More enhancements to simplify compliance work

That’s not all! We’ve also introduced improvements to the platform that make it easier to manage your workflows and maintain a single source of truth in Hummingbird.

Attach files to a subject’s profile for more complete recordkeeping

During investigations, analysts often need to collect varying information on case subjects – financial statements, screening results, identity documents, and more. These files can now be attached to the subject’s profile in Hummingbird, helping you maintain a single, complete record. You can even add tags to organize and classify your files.

Quickly spin up new review types with templates

Want to bring more of your team’s work into Hummingbird? Good news: We’ve made it a whole lot easier to implement new review types with ready-to-use templates. These templates provide a helpful starting point for a wide range of use cases, from customer due diligence reviews to fraud investigations. You can use the templates straight out of the box or easily tailor them to align with your specific workflows.

Learn more about Hummingbird

Hummingbird enables compliance and risk teams to accelerate their financial crime investigations. Designed to support all kinds of investigative work, from customer due diligence to AML and fraud, Hummingbird delivers time-saving automation to streamline compliance workflows while empowering analysts to make smarter, faster decisions.

Ready to see what Hummingbird could do for your organization? Schedule your demo today! You'll learn why leading financial institutions and fintechs, including Celtic Bank, Stripe, Affirm, Etsy, and DraftKings, trust Hummingbird to make their investigations 10x more efficient and effective.

If you are a current customer, learn more by signing in to Hummingbird and visiting our help center or reaching out to our team at support@hummingbird.co.