Cathay Bank Selects QuantaVerse AI Financial Crime Solutions

to Create a More Effective AML Program

 

Oldest Operating Chinese-American Bank to Deploy Full Suite of QuantaVerse Solutions

 

Wayne, PA (November 27, 2018) –QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced it has signed an agreement with Cathay General Bancorp, a holding company for Cathay Bank, a California state-charted bank. Cathay Bank selected QuantaVerse’s AI financial crime solutions as a fully built and tested anti-money laundering (AML) platform to reduce costly, manual financial crime investigations. 

Cathay Bank will deploy the following QuantaVerse solutions to improve the effectiveness of its AML compliance program and financial crime investigations while expanding its correspondent banking services.

The Alert Investigator and False Negative Identification and Investigator solutions provide QuantaVerse Financial Crime Reports (FCR) that automate alert investigations, detailing suspicious activity and providing risk scores for both entities and transactions. The QuantaVerse FCR also includes the supporting documentation necessary for the case to be efficiently analyzed by an AML investigator and for creating a suspicious activity report if indicated.

“We are excited to be working with Cathay Bank and other financial institutions that are dedicated to strengthening AML compliance,” explained David McLaughlin, CEO and Founder of QuantaVerse. “Our full suite of AI financial crime solutions will better utilize the bank’s resources to identify financial crimes, streamline its AML investigation process and eliminate bad actors from the global banking system.”

About Cathay General Bancorp

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 43 branches in California, 12 branches in New York State, three in the Chicago, Illinois area, three in Washington State, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New Jersey, one in Hong Kong, and a representative office in Taipei and in Shanghai. Cathay Bank’s website is found at www.cathaybank.com. Cathay General Bancorp’s website is found at www.cathaygeneralbancorp.com.

About QuantaVerse

QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its AI Financial Crime Platform to reduce financial crime risk by identifying patterns and discerning anomalies that current
approaches and systems regularly miss. The QuantaVerse solutions have helped customers more efficiently comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations. Most importantly, QuantaVerse is helping to rid organizations of money laundering and other financial crimes that support our greatest global ills – the drug trade, human trafficking, terrorism and political corruption For more information, contact QuantaVerse at (610) 465-7320 or visit www.QuantaVerse.net.

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Media Contact:

Mark Tordik

Broadpath

+1 215-644-6503

mtordik@broadpathpr.com