QuantaVerse helps FIs facing financial crime investigator scarcity due to COVID-19

Friday 3 April 2020 07:52 CET | News

QuantaVerse has announced offering new adaptations of the QuantaVerse Alert Investigator for financial institutions that may face emergency shortages of financial crime investigators due to the COVID-19 outbreak.

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.

QuantaVerse provides artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. The QuantaVerse solutions enable clients comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations.

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Keywords: AML, KYC, money laundering, compliance, AI, QuantaVerse, COVID-19, FinCEN, machine learning, QuantaVerse
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime