FCIR addresses the specific needs of Level 1 AML compliance teams and aims to reduce the average time spent investigating an alert by over 50%, according to the official press release.
Level 1 investigators at financial institutions are the first line of defence against money laundering perpetrated by criminals and terrorist financing organisations. They evaluate suspicious cases triggered by transaction monitoring system (TMS) alerts. These first-level investigators manually gather critical information from the Internet and multiple disparate databases and spend, on average, 20 to 90 minutes clearing an alert or attempting to determine if the case requires additional scrutiny.
The QuantaVerse AI-enabled Financial Crime Platform automates the AML investigation process. What the platform discovers is reported to analysts through distinct types of FCIRs. The new QuantaVerse Level 1 FCIR enables clearing or escalation of a case to a senior analyst.
The report leads with a high-level summary of the case and includes alerts that triggered the investigation, automatically pulling descriptions of violated rules directly from the TMS. This limits the need for first-level analysts to leave the report to search other databases. The next section of the report provides risk scores related to reputation, monitoring, and intent, as well as overall risk segmentation which delivers an at-a-glance understanding of where risk lies for each entity and what requires consideration.
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