Wayne, PA (July 19, 2018) – QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced that banking leader, David Schwartz, has agreed to join the QuantaVerse Board of Managers. In addition to his service on the QuantaVerse Board, he will continue to serve as President and CEO of FIBA (Florida International Bankers Association), a non-profit trade association dedicated to fostering the growth of international banking through education, advocacy and networking. Schwartz’s appointment allows QuantaVerse to leverage his deep banking knowledge to enhance efforts to drive the adoption of QuantaVerse AI Financial Crime Solutions.
Schwartz has more than 35 years of international banking experience. Prior to serving FIBA, he was Senior Vice President and Manager of International Compliance Risk Management at Regions Financial Corporation where he was responsible for providing oversight, communication and direction to all lines of business for a range of issues including implementation of BSA/AML policies and procedures. Before his role at Regions Financial Corporation, he spent 20 years at Banque Sudameris holding numerous positions throughout the globe including Argentina, Monte Carlo and Miami.
“We’re excited to have David join the QuantaVerse Board of Managers and look forward to his insights and guidance. His deep-rooted international banking experience will be instrumental to the continued growth of QuantaVerse,” explained David McLaughlin, CEO and Founder of QuantaVerse. “We have no doubt that David’s addition will further advance our short and long-term strategic initiatives as we remain committed to helping solve our customers’ financial crime challenges.”
Schwartz previously served as Chairman of the Board of FIBA as well as Chair of the Miami-Dade County Public Schools Health Medical Advisory Committee. He received his Juris Doctorate from New York Law School and his B.A. in Government from Florida State University.
QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its AI Financial Crime Platform to reduce financial crime risk by identifying patterns and discerning anomalies that current approaches and systems regularly miss. The QuantaVerse solutions have helped customers more efficiently comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations. Most importantly, QuantaVerse is helping to rid organizations of money laundering and other financial crimes that support our greatest global ills – the drug trade, human trafficking, terrorism and political corruption. For more information, contact QuantaVerse at (610) 465-7320.
While this is debated, the problem persists as legacy AML technology such as transaction monitoring systems (TMS) have little to no ability to identify and assess risk created by shell companies. And while policies, procedures, and processes, if applied correctly, can protect financial institutions from becoming conduits for some fraction of money laundering, terrorist financing, and other financial crimes, identifying shell company risk continues to be elusive.
On the final day of the FIBA conference, QuantaVerse Founder and CEO, David McLaughlin, participated on the “Customer Profiling, Use of Innovative Technologies in Onboarding and Risk Assessment” panel. David Schwartz, President and CEO of FIBA, set up the panel discussion by emphasizing the importance and impact that innovative technologies have on risk assessment and the customer onboarding process.
CASE STUDY: AI-Powered Entity and Alert Adjudication Streamlines Financial Crime Investigation Processes
Based on these outcomes, the bank is moving QuantaVerse AI solutions into production. Moving forward, the bank will be better equipped to find hidden financial crime risk while automating 70 percent of its AML investigation processes, enabling investigators to focus their time and talents on the most complex cases.