AI-Enhanced AML Tools Critical to Thwarting White-Collar Crime

White-collar criminals attack the integrity of global financial systems and victimize thousands of people each year. These criminals must launder their illicit funds like any criminal group because they need and want to spend their “clean” money. Investigating white-collar criminal offenses such as bank fraud, wire fraud, mail fraud, consumer fraud, identity theft and other similar offenses is time-consuming and difficult. Complex international cases, such as the well-known Ponzi scheme, can involve hundreds of separate […]

(Read More)

Data Science and Artificial Intelligence Solutions Help Financial Institutions Curb De-Risking Practice

The ability to make and receive international payments via correspondent banking (CB) is vital to the global economy. Whether it is Texas-based manufacturer exporting parts to Brazilian customers or an engineer working in Europe sending money to his family in Asia, financial institutions (FIs) rely on CB relationships to move their customers’ money.  By its simple definition, CB is an arrangement where a correspondent bank provides services to another bank (the respondent), often so the […]

(Read More)

Artificial Intelligence Breaks the Money Laundering Code

In World War II, the Allies successfully cracked secret German codes through arduous analysis. Today, financial institutions (FIs) have artificial intelligence (AI) to break a different kind of code: the money laundering code. Criminal organizations are growing in sophistication, talent, and persistence. These organizations often fund their operations through money laundering, and therefore need to frequently change the methods and the details of their money laundering schemes to thwart conventional anti-money laundering (AML) defenses. AI […]

(Read More)

How Data Science and AI Can Help Banks in Fight Against Human Trafficking and Human Smuggling

The reprehensible crimes of human trafficking and human smuggling continue to be a growing concern across the globe. There is a heavy reliance on local, state, federal, and international law enforcement agencies in fighting these problems, but in reality, financial institutions (FIs) and data science companies are equal partners in the global fight against human trafficking and human smuggling. FIs face perceived insurmountable challenges daily in analyzing thousands of transactions while trying to detect, investigate, […]

(Read More)

Artificial Intelligence Can Assist the Government in Combating Drug Trafficking and Terrorism

The landscape of drug trafficking has drastically changed over the past two decades. Illicit drugs such as cocaine, methamphetamines, designer drugs, controlled prescription drugs, fentanyl and heroin continue to be trafficked throughout the world. Transnational Criminal Organizations (TCO) continue to control distribution networks into the United States; however, terrorist groups are now using drug trafficking as a funding mechanism. As partners in the fight against drug trafficking, financial institutions (FI) and FinTech companies providing innovative […]

(Read More)

AI and Machine Learning Receives Recognition at FATF Forum as Effective Technologies in Fight Against Money Laundering

At the Financial Action Task Force’s (FATF) recent Private Sector Consultative Forum, the organization’s President, Mr. Juan Manuel Vega-Serrano, held discussions on the state of FinTech and RegTech.  Private sector participants shared their experiences and challenges in this area and highlighted that artificial intelligence (AI) and machine learning (ML) could assist with more effective monitoring and screening systems.  To highlight the importance of FinTech and RegTech, FATF will host an event in the United States […]

(Read More)

AI Enhances Monitoring and Testing Capabilities of the Chief Compliance Officer

A financial institution’s (FIs) monitoring and testing (M&T) team, which typically resides within the compliance department, is the Chief Compliance Officer’s (CCO) early warning system for compliance risks that are on the horizon. M&T and internal audit often work together to test various aspects of an FIs’ daily operations including, but not limited to: Regulatory change; Transaction monitoring; AML investigation; Regulatory reporting; KYC requirements; Adverse media monitoring for customers; Data governance; Above the Line (ATL) […]

(Read More)

AI Supplements Transaction Monitoring Systems for Better AML Outcomes

The front line of the fight against money laundering and financial crime includes AML investigators and analysts, government investigators, regulators, and the companies that are developing innovative technologies to combat financial crime.  Together, this collaborative team is better able to stop money laundering by implementing solutions such as artificial intelligence (AI) and machine learning for enhanced monitoring, investigation and KYC. Traditional transaction monitoring (TM) systems are a necessity in the financial industry.  Financial institutions (FIs) […]

(Read More)

Artificial Intelligence Identifies When Bank’s Internal Controls Are Failing for AML and Other Regulatory Requirements

The Financial Crimes Enforcement Network (FinCEN) recently assessed a $7 million civil monetary penalty (CMP) against a California-based bank for willful violations of several provisions of the Bank Secrecy Act (BSA).  Simultaneously, the bank’s primary regulator, the Office of the Comptroller of the Currency (OCC) assessed a $1 million CMP against the bank based on the OCC’s discovery that the bank was deficient in its compliance to a previously established consent order. The bank was […]

(Read More)

QuantaVerse Recognized as 2017 Enterprise Awards Technology Finalist

On the heels of the honors QuantaVerse received at the IMPACT 2016 Capital Conference where the company took home the “People’s Choice Award” and was one of three companies out of 200 selected to pitch to a notable panel of investors, QuantaVerse was recently named a finalist for the 2017 PACT Enterprise Awards, the region’s most prestigious business honors for technology and life sciences companies, leaders, and entrepreneurs. QuantaVerse will be competing for this prestigious […]

(Read More)