The Importance of an Effective Anti-Money Laundering Compliance Program

Creating, implementing, and maintaining an effective Anti-Money Laundering (AML) program has always been challenging, but in today’s increasingly digital, dynamic environment the task is more arduous. Given the complexity of the current AML landscape, quality data is often viewed as more valuable than gold or oil by financial institutions and non-bank financial institutions. Artificial intelligence (AI) and machine learning solutions drive compliance and audit teams to peak performance and efficiently, and effectively analyze millions of […]

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60 Days to Comply: Utilizing AI and Advanced Data Analytics to Monitor Account Activity

In just two months, the Final Rule for Customer Due Diligence (CDD) under the Bank Secrecy Act (BSA) will be live for covered financial institutions (those subject to Customer Identification (CIP) requirements, including banks, broker-dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities. Designed to formalize new and existing customer due diligence (CDD) requirements, the Final Rule codified four anti-money laundering (AML) provisions or “pillars” found in Section 352 of the […]

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Podcast: QuantaVerse Discusses Top Financial Crime Trends in 2017 and Identifies What’s Next in 2018

At the turn of another year, we have dedicated this edition of our On the Front Line with AI podcast to the top financial crime trends we saw in 2017 and what can be expected in the year ahead. Some of the key highlights from the discussion with anti-money laundering (AML) expert and Founder & CEO of QuantaVerse, David McLaughlin, include: Top Financial Crime Trends in 2017 Cybersecurity and instances of cyberattacks, especially account takeovers […]

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2018 Resolution: Disrupt Narco-Terrorism Cells with Artificial Intelligence and Machine Learning

Local, state, federal, and international law enforcement agencies are frontline heroes tasked with combatting international drug trafficking, terrorism and money laundering. Unfortunately, their contributions and sacrifices often go unnoticed in the 24-hour news cycle filled with the political news of the day.  Consider the U.S. Drug Enforcement Administration (DEA)’s Special Operations Division (SOD) which is a joint task force of all federal law enforcement agencies in Northern Virginia. SOD is staffed with the most dedicated, […]

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Implementing AI and Machine Learning Benefits Big Businesses, Supports the Fight Against Bribery and Corruption with Expanded Pilot Program and ‘CAE Checkup’

In many parts of the world, acts of bribery and corruption have long been accepted as the cost of doing business. However, global law enforcement is becoming increasingly cooperative in investigating these violations as countries realize how massive amounts of their sovereign wealth is stolen from their economies through these crimes.  In fact, 27 companies were required to pay a paralyzing $2.48 billion in fines and penalties to resolve U.S. Foreign Corrupt Practice Act (FCPA) […]

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