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Digital Identity, Security & Online Fraud

QuantaVerse to mitigate AML risk for Bci Miami Branch

Wednesday 8 August 2018 | 03:25 AM CET

QuantaVerse has signed an agreement with Banco de Credito e Inversiones (Bci) Miami Branch to help the bank mitigate risk, automate investigations and meet AML compliance.

QuantaVerse is an artificial intelligence and machine learning solutions company specialized in identifying financial crimes.

Bci Miami Branch chose to deploy the following QuantaVerse solutions to boost its existing transaction monitoring process and financial crime investigations:

  • QuantaVerse Pre-TMS Entity Resolution & Risk Scoring 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 Investigator automates investigations when an alert is produced by a TMS.

  • QuantaVerse False Negative Identification and Investigator examines transactions for financial crime risks missed by a TMS. False negatives have the potential to cause significant risks to both the organization and their accountable employees.

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 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.

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