Recent advances in technology and an increasing internal focus on efficiency and effectiveness present an opportunity for compliance professionals to yield significant organizational benefits. However, how can these advances be used in real-world situations, and how do they meet expectations of auditors and regulators?
In this webinar, Bci Miami, the largest Chilean bank operating in the U.S. and QuantaVerse, explore the role of technologies, such as AI and machine learning, in automating complex and human-led processes in AML programs. The webinar covered the following topics:
- The many possible opportunities available for automation (where AI makes sense, and where it doesn’t)
- How to apply recent innovations to your enterprise (e.g., what are machine learning and natural language processing and how can these techniques help your compliance department)
- Case studies of successful automation including what worked, what didn’t, and what the impact was
- How auditors and regulators view the advances in technology and how you can validate the results
Prior to the COVID-19 outbreak, the 2020 outlook was an encouraging one as the year was shaping up to be positive for many industries. At the mid-year point of 2020, the world has changed, and we continue to observe the pandemic’s impact on our communities, economy,...
Jurisdiction Derivation, Powered by AI, Helps Financial Institutions Reduce Risk and Their Number of AML Investigations
Financial institutions are held accountable by regulators to ensure they are taking a risk-based approach in their AML/BSA compliance operations. As such, institutions must consider AML risk based on certain types of customers and transactions, including risky jurisdictions impacted by political or economic unrest.
The AI-powered QuantaVerse Automated Volume and Value (V&V) Transaction Analysis solution provides risk managers with better insights into variances in account activity that might indicate risks of financial crimes, or that suggest an account is being used for something other than its stated purpose. Analysis of this nature is a growing regulatory burden driven by the expectation that FIs understand the risk profile of clients as well as their clients’ clients.