Legal / Law: Criminal Law

Bci Miami Re-Signs With QuantaVerse, Extends Use of Industry-Leading Financial Crime Investigation Platform

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“With QuantaVerse, there has been a meaningful improvement in the overall capabilities of our compliance department,” explained Michele Fernandez, Managing SVP Head of Compliance and Regional Compliance Officer at Bci Miami.


WAYNE, Pa. (PRWEB)

QuantaVerse, which uses RPA, AI and machine learning to automate financial crime identification and investigations, announced it has signed a renewal agreement with Bci Miami, the U.S. arm of Banco de Credito e Inversiones of Chile. The agreement continues the bank’s use of the QuantaVerse Financial Crime Investigation Platform to support its financial crime compliance efforts.

This is an extension of a 2018 agreement whereby Bci Miami selected the QuantaVerse Advanced Detection solution and the QuantaVerse Automated Investigations solution to help the bank reduce false positives, mitigate risk, automate investigations, and more efficiently meet AML compliance requirements. During this time, Bci Miami investigators leveraged QuantaVerse’s Financial Crime Investigation Reports (FCIRs) which present critical information such as transactional relationships, negative news, money laundering typologies, as well as risk scoring.

In addition to cutting the time investigators spend on each case, QuantaVerse solutions increase the consistency with which cases were cleared.

With QuantaVerse, Bci Miami has:

  • Expanded the capabilities of the compliance program

  • Discovered unalerted risky entities

  • Automated data-gathering processes

  • Made AML case adjudication and reporting more efficient

  • Improved the consistency of decision making and reporting

  • Created capacity within its existing investigative team even in the face of growth

  • Embraced new BSA/AML innovation which regulators are encouraging

“With QuantaVerse, there has been a meaningful improvement in the overall capabilities of our compliance department,” explained Michele Fernandez, Managing SVP Head of Compliance and Regional Compliance Officer at Bci Miami. “Insights into the technology’s capabilities markedly improved and our confidence in leveraging the technology to consistently adjudicate cases is higher today than ever before. We are enthusiastic about our partnership with QuantaVerse and will be examining additional ways to improve through innovation.”

Bci Miami’s use of QuantaVerse FCIRs led the bank to explore the adoption of the QuantaVerse High-Risk Entity Report (HRER) to improve the accuracy and consistency of its high-risk entity review program. The QuantaVerse HRER is an entity-specific FCIR that assists financial institutions in efficiently conducting periodic risk reviews required by regulators. Key information presented in this report includes adverse media, jurisdiction, transactional relationships, typologies that indicate potential money laundering, and more.

“We are proud to extend our relationship with Bci Miami,” explained David McLaughlin, CEO and Founder of QuantaVerse. “Through the use of the QuantaVerse Financial Crime Investigation Platform, Bci Miami has proven how a smart, innovative AML compliance program can leverage data science to make improvements across the board.”

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.

About QuantaVerse 

QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its validated and proven 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 or visit http://www.QuantaVerse.net.

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