Liberty Asia Brings Anti-Slavery & Human Trafficking Expertise to QuantaVerse

As demonstrated by the recent tragic event in San Antonio, TX in which 10 immigrants perished in a sweltering trailer, the global human trafficking and slavery problem remains one of the world’s most pressing social crises.  As is to be expected, there are strong partnerships between Non-Government Organizations (NGOs) and local, state, federal, and international law enforcement agencies in fighting human trafficking and slavery. In reality, financial institutions (FIs) are equal partners in this global […]

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Anti-Money Laundering Regulations and the Response from the Financial Services Industry

Starting back in 1970 to present day, there has been a progressive increase in anti-money laundering (AML) regulations. As depicted by Kamil Kaluza, Managing Director of QuantaVerse, in the graphic below, the ability of financial institutions’ (FIs) to respond and react to increased regulations has not been keeping pace with regulatory implementations. State and federal AML regulations will continue to challenge FIs, and the only way to close the gap is to implement proven, advanced […]

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What Money Laundering Looks Like in Small Community Banks

If you grew up in a small or medium sized town, your parents and neighbors most likely banked with a small community institution.  If you think back to opening your first savings or checking account, it most likely was at a small local bank. Small community banks remain vitally important to the nation’s economy because they provide important financial services to folks like small business owners, farmers, and everyday citizens.  As you’d expect, with the […]

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Artificial Intelligence Can Accurately Identify Patterns and Typologies Indicative of Financial Crimes

Global financial institutions (FIs) continue to serve as the first line of defense for law enforcement against various financial crimes such as money laundering, terrorism financing, fraud, tax evasion and more. FIs rely on transaction monitoring systems (TMS) to maintain their on-going anti-money laundering (AML) programs. However, these systems too often fail to flag transactions that are indicative of serious risks for financial institutions. Legacy TMS rely solely on rules-based scenarios which are static.  Meaning, […]

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Utilizing Data Science and Artificial Intelligence to “Tune-Up” Bank Compliance Programs

Much like homeowners who re-organize or clean their homes in the warmer months, it’s imperative for financial institutions (FIs) to give their compliance programs a tune-up as they make their way into a new business quarter. The compliance industry recognizes that approximately 95 percent of all transaction monitoring system (TMS) alerts are false positives. This is an alarming statistic that FIs deal with daily through increased personnel and IT costs, but the time has come […]

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