The CCO (Chief Compliance Officer) uses an AI solution to analyse transaction data for “false negatives” or anomalous behaviour that usually indicate illegal transactions. The tool reduces the compliance related risks for financial institutions, who in 2016 paid USD42 billion in fines for failing to respect the Anti Money Laundering program.
Unlike existing transaction monitoring systems (TMS), AI technology based systems are dynamic and can detect patterns of behaviour and analyse the intent of those patterns to identify suspicious activities.
The QuantaVerse solution also provides financial institutions with a feedback loop that recommends new rules for their TMS. The new rules can help identify and catch criminal behaviour.
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