QuantaVerse uses AI and machine learning to automate financial crime investigation processes. On March 16, 2020, FinCEN requested that financial institutions affected by the COVID-19 pandemic contact FinCEN and their functional regulator as soon as practicable if an affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports.
In capital markets, broker-dealers and asset management firms must monitor trades to ensure they comply with regulations. Stay-at-home and business shutdown orders in India and other regions, where trade surveillance is commonly managed and work-from-home infrastructure is underdeveloped, has stressed investigative team capacity. Attempts to repatriate these labour-intensive functions are met with the challenge of training temporary workers in a remote setting. Consultants that normally provide skilled human capital are likewise overwhelmed.
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