Wayne, PA (June 7, 2017) – QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced the appointment of technology and banking industry veteran Kenneth M. Harvey to the QuantaVerse Board of Managers. In this role, Ken will lend his counsel and expertise to the company’s management team.
Harvey brings to QuantaVerse nearly 30 years of experience, leadership and expertise in the banking and technology industries. Prior to joining QuantaVerse, Harvey served as COO/CIO of HSBC Holdings where he was responsible for technology and operations. He is currently Chairman of the Board for both CLS Group Holdings AG and CLS Bank International as well as holding the position of Outside Director for CLS Group.
“Ken’s background and practical experience brings invaluable first-hand knowledge and insights to our work at QuantaVerse,” explained David McLaughlin, CEO and Founder of QuantaVerse. “As we continue to expand upon the financial crime challenges that can be addressed by our AI and machine learning platform, Ken’s input will undoubtedly help us better serve our customers and uncover new growth opportunities.”
Harvey also serves on the Board of InsPro, a market leader in software for the Health, A&H, Life and Annuity segment of the insurance industry. He is also a member of the Senior Advisory Board of Oliver Wyman, a leading global consulting firm. His previous board service includes Amber Road, Kanbay Inc., and Vertical Networks. Harvey holds a Bachelor of Science degree from DePaul University and is a graduate of Northwestern University National Trust School.
QuantaVerse is the emerging leader in data science-powered risk reduction solutions, purpose-built for identifying financial crimes. Utilizing proprietary data science algorithms including artificial intelligence (AI), machine learning and big data technologies, QuantaVerse integrates and filters institutional data and related external data – including public Internet data, unstructured deep web data, as well as government and commercial datasets – to significantly improve AML, KYC and BSA compliance and prevent money laundering and the crimes it supports. For more information, contact QuantaVerse at (610) 465-7320.
Packaged financial crime solutions are built from the ground up by proven AI experts working alongside experienced AML professionals. Unlike other AI for AML approaches, packaged AI solutions are quick to implement and are continuously updated by the solution provider based on input from multiple customers and regulators.
Serving almost 20 million customers, the bank was concerned about the risks associated with false negatives that its current AML compliance technology was missing. Intent on driving financial crime out of its operation, the bank began searching for a solution that could enhance its existing rules-based transaction monitoring system (TMS) and minimize the risk related to undiscovered financial crime.
While all agree the promise of AI for AML is great, taking the steps to select and implement AI within an institution is relatively new. So, what is the best approach for implementing AI and machine learning into your efforts to combat financial crime?