Wayne, PA (July 10, 2018) – QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System. The QuantaVerse Financial Crime Investigation Report (FCIR) automatically compiles information relevant for filing SARs including content related to FinCEN’s newly recommended fields and categories such as geographic targeting orders, IP address date/timestamping, and new/modified subtype selections associated with structuring, fraud, money laundering, gaming, identification/documentation, securities and mortgage fraud.
A critical output of the company’s Alert Investigator and False Negative Identification and Investigator solutions, the QuantaVerse FCIR details serious anomalous transactions including information on the transacting parties, transactional relationships, negative news surrounding entities, and money laundering and terrorism financing typologies. The QuantaVerse FCIR includes risk scores and all supporting documentation necessary for the case to be efficiently analyzed by an AML investigator and all that is required for a SAR to be created.
“We anticipate that this will reduce by up to 70 percent the time that investigators spend gathering critical facts and summarizing their research to support SAR filings. Our comprehensive Financial Crime Investigation Report helps financial institutions’ investigative teams automate data-gathering activities and apply human resources to things they are uniquely qualified for such as intuition and logic,” explained David McLaughlin, CEO and Founder of QuantaVerse. “With our Financial Crime Investigation Report, we are elevating the work of investigators to its highest and best use while radically increasing efficiency.”
The QuantaVerse FCIR meets regulatory and internal audit requirements for properly documenting, explaining and detailing the activity investigated. It contains sections for recommended action, identified risk, subject(s) identification, dates of identified activity, account number(s), number of transactions, amounts, transaction details including dates, negative news, and an investigative narrative that conforms to regulatory and internal audit requirements as appropriate for SARs and Suspicious Transaction Reports (STRs).
In the event that the QuantaVerse AI Solution determines that additional investigation and verification by a level-three or level-four investigator is necessary, the FCIR will state that “further investigation is recommended.” If an alert does not constitute suspicious activity (i.e., it’s a false positive), the report will indicate “no further investigation recommended.”
“Our customers appreciate having AI-derived insights, risk scores and supporting evidence on suspicious transactions served up to them in a clear and logical report,” said McLaughlin.
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.
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.