Legal / Law: Criminal Law

Technology Enhancements to the QuantaVerse Financial Crime Platform Extend its Lead in AML Innovation

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“We are relentless in identifying undiscovered financial crime & automating up to 70% of the workload associated with TMS alert triage, investigations, and SAR-filing so investigators can focus on what most requires their attention and expertise,” said David McLaughlin, CEO & Founder of QuantaVerse.


WAYNE, Pa. (PRWEB)

QuantaVerse, which uses AI and machine learning to automate financial crime identification and investigations, finished 2020 well-positioned for continued growth in 2021 due to its dedicated focus on solving AML challenges and a commitment to innovation. In 2020, QuantaVerse introduced a series of technology enhancements to its AI-powered Financial Crime Platform.

“Comprised of financial crime specialists and exceptionally talented data scientists, the QuantaVerse team gets new insights from compliance teams using our AML solutions every day in the real world,” said David McLaughlin, CEO and Founder of QuantaVerse. “We are relentless in our efforts to identify otherwise undiscovered financial crime and automate up to 70% of the human workload associated with TMS alert triage, investigations, and SAR-filing so investigators can focus on what most requires their attention and expertise.”

Notable enhancements introduced by QuantaVerse this year include:

  • Explainability. QuantaVerse leveraged Local Interpretable Model-Agnostic Explanations (LIME) to make the findings of complex algorithms more understandable. Investigators see scores for various types of AML-related risks and can now also understand how all types of risks contribute to the overall risk assigned to an alert or entity.

  • Learning. QuantaVerse extended its model training capability. The platform now leverages input from an entire network of investigators to train and refine the QuantaVerse machine. One such feature is a new investigator annotation tool which lets users quickly provide feedback to the system. QuantaVerse can now use these combined learnings to inform its neural network.

  • Web Collector and Analytics. QuantaVerse enhanced its unstructured web data collection function and added a new analytics capability to rationalize that data. Additional language capabilities were added to the QuantaVerse adverse media screening process, including for keywords that indicate potential criminality. The infrastructure built to enable this advancement supports the quick addition of new languages as required by clients.

  • New Observables. In 2020, QuantaVerse added numerous new observables to its Financial Crime Platform. QuantaVerse’s AI agents determine the prevalence of risk-bearing characteristics, or observables, related to transacting entities. One of the QuantaVerse observables unveiled this year was sanctioned jurisdiction affiliation which leverages data to identify if entities are engaging with sanctioned jurisdictions even though their transactions are not transferred through sanctioned jurisdictions.

  • Enhancements and Expansion of Financial Crime Investigation Reports (FCIRs). In the last 12 months, QuantaVerse’s entity- and alert-based FCIRs were enhanced. New usability enhancements were added to the reports, including a narrative section that explains what risks were cleared and the rationale for those determinations. For investigators tasked with reviewing flagged TMS alerts, the FCIR narratives have helped reduce the average time spent investigating a case by as many as 40 minutes. Additionally, QuantaVerse debuted its High-Risk Entity Report, an enhanced entity-based FCIR that assists financial institutions in efficiently conducting periodic entity risk reviews.

To learn about QuantaVerse AML solutions, please visit: https://quantaverse.net/our-solutions/anti-money-laundering-aml-solutions.

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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