In an earlier post, we outlined five approaches financial institutions can take to get AI working in their AML compliance program. For most banks, packaged AI solutions offer the most expedient way to meaningfully improve AML outcomes.
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. Plus, packaged solutions that include neural networks continuously discover new financial crime patterns and leverage that intelligence for the benefit of all the AML teams using the solution.
After determining that a packaged AI for AML solution is the best approach for your organization, how do you know you are choosing the solution that will accomplish your goals?
Develop Your Packaged AI Shopping List
When evaluating packaged AI solutions, consider solutions with the following capabilities:
A comprehensive approach…
- Effectively ingests and analyzes data from a variety of necessary sources – transaction networks, investigative databases, sanctions lists, deep web, social networks, media coverage, etc.
- Provides holistic scoring of entities and their related activities so cases can be quickly evaluated and escalated as indicated
- Automatically produces complete case reports that incorporate the data required for accurate appraisal and filing regulatory reports if needed
Avoidance of headaches…
- Deploys easily and quickly on-premise or from the cloud
- Integrates with your existing transaction monitoring systems (TMS) and other AML technology
- Deployments proven to be easily validated if required for regulatory purposes
- Adapts easily to your existing investigative and regulatory processes
- Offers trials for proof-of-concept testing
Delivery of measurable results…
- Meaningful reduction of false positives produced by TMS
- Reduces risk exposure by identifying false negatives missed by TMS
- Automates manual processes in AML investigations, reducing the time investigators spend on generic cases and focusing their hours on more complex and high-risk cases
QuantaVerse’s Packaged AI Solutions
QuantaVerse has developed productized AI solutions specifically for combatting financial crime in various lines of business such as correspondent banking, U.S. dollar clearing, corporate and commercial banking, retail banking, trade finance, money service businesses, and alternative and emerging FinTech payment providers.
The company offers four distinct packaged AML solutions, which can work individually or in conjunction with each other, and can be applied for risk assessment, transaction monitoring, case investigation, reporting, and SAR adjudication and filing. QuantaVerse works where other solutions fail because its technology can discover patterns and discern anomalies in data that are regularly missed by current approaches.
Its proprietary tools and methods make it easy to access, acquire, ingest and analyze huge amounts of structured and unstructured data. QuantaVerse solutions integrate with institutions’ existing rules-based TMS and standard industry processes, and can be deployed within 60 to 90 days (after data is fully migrated).
QuantaVerse’s AI solutions help banks radically improve their AML efforts. The QuantaVerse solutions have been proven to:
- Reduce TMS alert volume by 50 percent
- Identify instances of false negatives in 100 percent of AML programs QuantaVerse has reviewed
- Eliminate more than 70 percent of investigative efforts through automation
- Help customers cut investigation costs by 20 to 40 percent
Click here to schedule a demo of QuantaVerse AI solutions.
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.