In The News

May 23, 2017

American Banker

Podcast: ‘A needle in a stack of needles’: Using AI to detect money laundering

“David McLaughlin, founder and CEO of QuantaVerse, discusses how artificial intelligence can improve anti-money-laundering compliance; the problems of de-risking and “defensive filing” of suspicious activity reports; the Clearing House’s proposal to reduce banks’ AML costs; and more.”

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April 21, 2017

Payments Source

PayThink Artificial intelligence can cut money laundering’s ‘acceptable losses’

“Although the dire need to put a stop to money laundering is well understood, an ongoing negotiation regarding what amount of money laundering is an acceptable cost of doing business plagues regulators and those inside who are responsible for the detection and prevention of financial crimes.”

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April 18, 2017

FinOps Report

AML: Making Suspicious Activity Reports More Effective

“Banks and other financial institutions may think they can prove to regulators they are combatting financial crime and terrorist activities by filing as many suspicious activity reports as they can.”

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April 13, 2017

Forensic Magazine

How AI is Helping Banks Fight Trafficking

“In the past few years, artificial intelligence has emerged as a solution to help banks zero in on transactions that herald criminal activity. Machine learning allows for the identification of suspicious patterns, and AI systems are able to comb through large amounts of data more precisely and efficiently, catching instances of money laundering faster and with more accuracy than ever before.”

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March 2, 2017

The Paypers

QuantaVerse powers NY companies to fight terrorism, money laundering with AI

“QuantaVerse has announced that its artificial intelligence (AI) and data science-powered technology enables NY-based institutions to comply with Anti-Money Laundering (AML) regulations.”

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March 1, 2017

ABA Bank Compliance

Using Data Science to Mitigate Bank Employee Fraud

“Data can and should be harnessed by banks to produce valuable insights regarding the behaviors and actions of people and entities—both legitimate and illegitimate. If the right questions are being asked, there is no excuse for this type of fraud or unethical behavior to exist on a systemic basis. Data science, including big data, artificial intelligence and machine learning, can enable institutions of all industries and sizes to better manage risks, to find fraud and criminality, and to therefore support the needs of compliance, management and governing boards.”

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February 28, 2017

FinExtra

QuantaVerse pitches AI platform to help NY firms meet anti-terrorism transaction monitoring rules

“QuantaVerse today announced that its artificial intelligence (AI) and data science-powered technology platform is uniquely designed to help banks and other regulated institutions comply with risk-based Anti-Terrorism and Anti-Money Laundering (AML) regulations, including the rule recently put into effect by the New York Department of Financial Services (DFS).”

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February 27, 2017

Philly Tech News

The 2017 PACT Enterprise Awards finalists have been named

“Philly Tech News profiled QuantaVerse (Technology Startup nominee) in December. The Wayne-based Fintech venture won the “Peoples’ Choice” award at PACT’s IMPACT 2016 Capital Conference in the fall, and has also been nominated for benzinga’s Global Fintech awards.”

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December 27, 2016

Philly Tech News

Wayne-based Fintech startup QuantaVerse has a compelling value proposition

“Wayne-based fintech startup QuantaVerse has a well-defined idea, deep domain expertise, a clear market opportunity, proprietary technology, an increasing amount of funding, and some strong supporters. Founded by former SEI Investments (NASDAQ: SEIC) executive David McLaughlin in 2014, QuantaVerse uses a combination of data science techniques to filter through a bank’s data as well as external data to flag potential money laundering cases and other potential crimes.”

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October 11, 2016

American Banker

‘A Robot Could Alleviate This Drudgery’: Bank Compliance Meets AI

“David McLaughlin, CEO of QuantaVerse, whose AI software is used by large banks and card issuers to improve their AML processes, estimates about 75% of the work human investigators do on money laundering cases could be automated. Artificial intelligence’s ability to analyze vast amounts of data, looking for patterns and to scrape the dark web and the deep web, can be applied to know-your-customer processes, McLaughlin said.”

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October 07, 2016

Barron’s

How Wells Fargo Could Have Avoided a Scandal

“The firing of 5,300 Wells Fargo (ticker: WFC) employees for purportedly opening two million unauthorized accounts suggests that management wasn’t comfortable with this unethical activity. Many are speculating that such activities happening over a period of several years, means that, overtly or covertly, some managers turned a blind eye to a situation of ongoing, and systemic, fraudulent activity.”

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October 05, 2016

Philadelphia Business Journal

Wayne Company Battles Money Launderers

“Wayne-based QuantaVerse is walking the line between early stage and growth stage as it delves into a major marketing push and eyes a series B round in the coming months. The company is aiming to make waves in the anti-money laundering technology market, one that experts say is rife with chances to produce powerful results on an international scale.”

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September 08, 2016

FinOps Report

Artificial Intelligence: The Next Frontier in AML Compliance

“We are seeing growing interest from the largest to the smallest banks alike,” says David McLaughlin, chief executive of QuantaVerse based in Wayne, Penn. “Small to mid-tier banks also rely on relatively large investigative teams and can achieve a different decision on whether the alert represents suspicious activity depending on the analyst. There is little consistency because subjective opinions can play a factor.”

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Press Releases

May 10, 2017

QuantaVerse Artificial Intelligence Platform Helps Address FinCEN’s “Fifth Pillar” Customer Due Diligence Requirement

“QuantaVerse, innovator of data science and AI solutions purpose-built for the identification of financial crimes, has released a new paper that explores how the application of artificial intelligence (AI), machine learning and big data strategies enables banks and financial institutions to surpass the risk-based customer due diligence (CDD) or “Fifth Pillar” requirements by the May 11, 2018 applicability date.”

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February 28, 2017

QuantaVerse Offers Artificial Intelligence Platform That Helps New York-Based Financial Institutions Comply with New Anti-Terrorism Transaction Monitoring Regulations

“QuantaVerse today announced that its artificial intelligence (AI) and data science-powered technology platform is uniquely designed to help banks and other regulated institutions comply with risk-based Anti-Terrorism and Anti-Money Laundering (AML) regulations, including the rule recently put into effect by the New York Department of Financial Services (DFS). QuantaVerse is uniquely able to provide institutions and their senior compliance leadership with data-driven solutions to enhance their existing transaction monitoring systems.”

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December 06, 2016

QuantaVerse Wins “People’s Choice Award” at IMPACT 2016 Capital Conference

“Last week, QuantaVerse, a data science company founded specifically to help the financial services industry, was chosen as the winner of the “People’s Choice Award” based on polling of conference attendees at the IMPACT 2016 Capital Conference. From a pool of close to 200 applicants, QuantaVerse was among 45 regional technology companies invited to present at the conference which included institutional investors, venture investors, angels as well as technology professionals. QuantaVerse was one of three companies presenting at the conference to be selected to enter the IMPACT “Lion’s Den” and pitch a panel of notable investors.”

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July 19, 2016

QuantaVerse Secures New Investments to Accelerate Company Growth and Scale Data Science Platform for the Banking Industry

“QuantaVerse, a data science company founded specifically to help financial services companies, today announced it has secured new financing from private equity investors. This latest round of funding has raised the current investment in QuantaVerse to $1.5 million, and will enable QuantaVerse to accelerate its growth and scale its advanced data science platform to meet growing demand by banks and financial services firms.”

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November 5, 2014

Financial Services Industry Veteran Announces Formation of Data Science Company to Help Banks Detect Criminal Activity Risk

“Financial services industry veteran David McLaughlin today announced the formation of QuantaVerse, a new data science technology company focused on providing risk reduction and revenue‐growing solutions purpose‐built for banks and financial services firms. QuantaVerse is a data science engine that looks beyond banks’ own customer data to capture meaningful insights that improve financial results for clients.”

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White Papers

How Data Science Can Reduce AML ‘Fifth Pillar’ Risk

“New technologies including Artificial Intelligence (AI), Machine Learning, and Big Data enable banks and financial institutions to surpass KYC regulatory requirements. Financial institutions have long recognized the importance of Know Your Customer (KYC) regulations and requirements, yet over time, many institutions came to view KYC as a check-the-box compliance function rather than as a robust risk management tool. This mindset was driven by manpower and systems expenses.”

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Turning The Tables On Financial Criminals: Data Science Powered Risk Reduction

“Many banks – particularly global and large regional banks – find themselves lacking in the sophisticated financial crime domain expertise, information technology and data analytic skills necessary to keep up with ongoing and evolving Anti-Money Laundering (AML) regulatory mandates and regulators’ expectations, let alone get out in front of them.”

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Case Studies

Global Bank Finds Money Launderers More Effectively and Efficiently Using QuantaVerse Data Science Powered Solution

“One of the world’s largest banks, serving millions of customers around the globe, wanted to increase its effectiveness in identifying suspicious activity that could be indicative of money laundering. While the bank was in compliance with relevant anti- money laundering (AML), Bank Secrecy Act (BSA) and Know Your Customer (KYC) regulations and mandates, it was interested in enhancing its compliance capabilities to further reduce risk. Upon learning of a new, data science powered solution purpose built to identify money laundering in the banking industry, it chose to evaluate its effectiveness.”

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