Wayne, PA (August 7, 2018) – QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced it has signed a three-year agreement with the Banco de Credito e Inversiones (Bci) for its United States Branch. Bci Miami Branch selected the QuantaVerse AI Financial Crime Solutions as an additional tool to mitigate risk, automate investigations and meet anti-money laundering (AML) compliance requirements.
“Bci Miami Branch is committed to serving our customers while working with regulators to continue to maintain a strong, compliant AML program. By deploying the QuantaVerse AI Solutions, we now have a more efficient risk management strategy in place,” said Michele Fernandez, Head of Compliance for Bci Miami Branch and Regional Compliance Officer for the U.S. operations.
Bci Miami Branch chose to deploy the following QuantaVerse solutions to improve the efficiency of its existing transaction monitoring process and financial crime investigations:
- QuantaVerse Pre-TMS Entity Resolution & Risk ScoringTM reduces TMS false positive alerts by classifying the risk of each
transacting party, down to the pseudo-client level. The solution enables existing TMS rules and models to work as designed causing false positives to decline and reducing the many costs associated with investigating false positives.
- QuantaVerse Alert InvestigatorTM automates investigations when an alert is produced by a TMS. By replicating much of the human investigative process which analyzes entity, transaction, and intention (or economic purpose) variables, up to 70 percent of an AML case investigation can be successfully completed by QuantaVerse.
- QuantaVerse False Negative Identification and InvestigatorTM examines transactions for financial crime risks missed by a TMS. The solution can query multiple years’ worth of related entity transactional data and can be used for Below the Line (BTL) testing requirements by efficiently examining 100 percent of BTL transactions. False negatives have the potential to cause significant risks to both the organization and their accountable employees.
“We identified and evaluated several companies that offer AI solutions for financial crime, but unlike the others, QuantaVerse had proven solutions ready to deploy at scale in our production environment,” explained Fernandez. “We were also particularly impressed with QuantaVerse’s comprehensive Financial Crime Report which provides our institution with a quality standard and consistency for SAR reporting obligations by streamlining the process for our investigators.”
The QuantaVerse Alert Investigator and False Negative Identification and Investigator solutions both provide QuantaVerse Financial Crime Reports on anomalous transactions. These reports include risk scores and supporting evidence enabling investigators to more efficiently evaluate cases. AI-derived Financial Crime Reports ensure investigators apply their time to evaluating complex cases instead of digging for and amassing data. The information in the QuantaVerse Financial Crime Reports is tailored to BSA requirements which also speeds SAR filing time.
“We are pleased to welcome Bci Miami Branch to the QuantaVerse anti-financial crime family,” explained David McLaughlin, CEO and Founder of QuantaVerse. “There are extraordinary operational outcomes that will be realized by streamlining their AML investigation processes, but the greatest outcome will be the Branch’s ability to more effectively and efficiently use their resources to identify financial crimes.”
About Bci Miami Branch
Bci Miami is the U.S. branch of Banco de Credito e Inversiones, a Chilean Bank operating for over 80 years. Bci Miami was established in 1999 and was the first step of Bci’s strategic plan for internationalization. The Branch’s mission is to serve Chilean and Latin American customers in their international businesses, as well as their globalization process, especially in the U.S. Through customer-centric service and a highly experienced team, the Branch serves and advises personal and corporate clients, mainly from Chile, Peru, Colombia, Mexico, Brazil and the U.S. Bci Miami offers a wide range of banking products and services, including time deposits and transactional accounts in major currencies, cash management, online banking, credit lines, foreign trade services, factoring, and forfaiting, among others. For more information, please visit www.bcimiami.com.
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.