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 Report 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 Financial Crime Report 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 Financial Crime Report 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 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 Report, we are elevating the work of investigators to its highest and best use while radically increasing efficiency.”
The QuantaVerse Financial Crime Report 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 Financial Crime Report 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.
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.
CASE STUDY: How QuantaVerse’s AI Tech Helped a Forward-Thinking Commercial Bank Cut Costs While Reducing False Positives
Financial institutions have for years banked on rules-based transaction monitoring systems (TMS) to root out money laundering and other financial crimes, only to be served up copious false positives that result in paralyzing inefficiencies, runaway investigation costs, and unseen false negatives that represent serious risk to the institution.