Transforming Internal Audit Investigations with Artificial Intelligence Technology

Perhaps no other corporate function is challenged more than internal audit departments. Internal audit teams are pressured to find hidden risk by their board, regulatory agencies, and the audit committee while at the same time often receiving a cold welcome from the functions they are auditing. Within financial institutions (FIs), internal audit’s value is recognized as the third line of defense for risk management within FIs behind business (first line of defense) and compliance (second […]

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Enhancing Compliance Programs with Predictive Data Analytics and Artificial Intelligence

Global financial institutions (FIs) process billions of transactions per year and create/store petabytes of data through Know Your Customer (KYC) and other related sources. According to Capgemini’s 2017 World Payments Report, more than 426 billion non-cash transactions alone were processed in 2016. To manage the complexity and scale of the problem, FIs equip themselves with large compliance teams. Compliance teams are tasked with monitoring these transactions through Transaction Monitoring Systems (TMS) and well-designed Anti-Money Laundering […]

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Artificial Intelligence Can Help Companies Reduce FCPA Risk

The Foreign Corrupt Practices Act (FCPA) is a critical area of concern for the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) as instances of corporate corruption and bribery continue to unleash destructive effects on law-abiding companies and consumers across the globe. In recent years, the Unites States government has dramatically intensified its efforts to enforce the provisions of FCPA. The paralyzingly expensive penalties brought on by bribery, fraud, money laundering and […]

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Liberty Asia Brings Anti-Slavery & Human Trafficking Expertise to QuantaVerse

As demonstrated by the recent tragic event in San Antonio, TX in which 10 immigrants perished in a sweltering trailer, the global human trafficking and slavery problem remains one of the world’s most pressing social crises.  As is to be expected, there are strong partnerships between Non-Government Organizations (NGOs) and local, state, federal, and international law enforcement agencies in fighting human trafficking and slavery. In reality, financial institutions (FIs) are equal partners in this global […]

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Anti-Money Laundering Regulations and the Response from the Financial Services Industry

Starting back in 1970 to present day, there has been a progressive increase in anti-money laundering (AML) regulations. As depicted by Kamil Kaluza, Managing Director of QuantaVerse, in the graphic below, the ability of financial institutions’ (FIs) to respond and react to increased regulations has not been keeping pace with regulatory implementations. State and federal AML regulations will continue to challenge FIs, and the only way to close the gap is to implement proven, advanced […]

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