QuantaVerse, an AI-powered solution which helps to identify crime, has agreed to provide Cathay Bank with AML protection services.
The Californian bank will use QuantaVerse’s AI financial crime solutions as a pre-built AML solution to help them lower costly and manual financial crime investigations. The services will enable Cathay to boost its AML compliance and investigations while expanding its correspondent banking services.
Pennsylvania-based QuantaVerse provides financial intuitions with a variety of solutions to build deeper insights into customers in order to better identify malicious activity and potential risks.
QuantaVerse’s pre-TMS entity resolution and risk scoring solution lowers the number of false positive alerts by classifying risk of each transacting party. The company’s alert investigator solution is able to automatically investigate any alert produced by a TMS.
Alongside this, the company also offers a false negative identification and investigator solution, which can examine transactions for financial crime risks, and a third-party risk management solution, which can derive deeper insights into bank account activity which might indicate financial foul play.
QuantaVerse CEO and founder David McLaughlin said, “We are excited to be working with Cathay Bank and other financial institutions that are dedicated to strengthening AML compliance.
“Our full suite of AI financial crime solutions will better utilize the bank’s resources to identify financial crimes, streamline its AML investigation process and eliminate bad actors from the global banking system.”
There have been a number of companies and institutions to implement AML solutions over the past month. Most recently, Resurs Bank teamed up with Signicat to leverage its electronic signature software to bolster its authentication and AML processes.
Earlier in the month, The Prudential Authority of the South African Reserve Bank fined the Johannesburg branch of HSBC bank for failures in its AML and CTF infrastructure.
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