In The News

November 13, 2017

Independent Banker Magazine

How Compliance Software Helps Stop Criminals in Their Tracks

“Dan Stitt, director of financial crime analysis for QuantaVerse, an AI for financial crime software company, has worked in federal law enforcement and banking for more than two decades. Over the years, he says, law enforcement has seen “both great and horrible compliance programs.”

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October 25, 2017

The FCPA Blog

How AI can nail a bribe paying scrap metal dealer

“Through the power of an AI-based risk mitigation solution, companies can easily analyze massive amounts of corporate financial data, discern patterns, and quickly identify where exceptions or anomalies exist that can unveil FCPA risks.”

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October 17, 2017

Global Investigations Review

Will AI solve the compliance industry’s ‘huge efficiency problem’?

“David McLaughlin believes artificial intelligence can significantly help the compliance market – an area he says is riddled with inefficiencies. Founding QuantaVerse three years ago, McLaughlin concedes, he got “very lucky very early”. A major bank took a chance on him and granted access to its reams of data – food for artificial intelligence – to spot possible incidences of money laundering. From there his company developed machine learning technologies, detecting crimes he says old systems never noticed.”

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October 16, 2017 Philly

On the Market: 33 tech jobs open in Philly right now

“QuantaVerse is looking for a Python Engineer to join its suburban HQ. Peep what the company is up to after raising a $2.4 million seed round.”

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October 2, 2017

FCPA Compliance Report

David McLaughlin of QuantaVerse on Using AI for FCPA Risk Reduction

“In this episode, I have a fascinating interview with QuantaVerse which has artificial intelligence and data analytics tools to help companies manage risk more effectively. We discuss the use of such tools and techniques for risk reduction solutions to provide insight into the details of your customer’s customers, which allows a company to not only identify bad actors but also aggressively fight financial crime, including fraud, bribery and corruption.”

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September 29, 2017

Corporate Compliance Insights

What Money Laundering Looks Like in Community Banks

“Although they generally have smaller compliance teams and budgets, the nation’s community banks face the same arduous compliance challenges as their larger bank counterparts. Artificial intelligence and machine learning solutions can greatly assist community banks by detecting suspicious entities and transactions in an effort to improve regulatory compliance and AML investigation efficiency.”

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September 26, 2017

ACFCS (Association of Certified Financial Crime Specialists)

Why Artificial Intelligence Technology is the Future of Financial Crime Mitigation

“Financial institutions have begun “test-driving” AI which has produced exceptional early results. The question surrounding the use of AI within financial institutions has evolved from “if” to “how” to put AI to work. As proven in other industries and with early adopters in the banking industry, AI offers the ability to radically improve the detection of suspicious account activity.”

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September 6, 2017

Inside Big Data

AI Enables Banks to Identify and Prevent Money Laundering While Surpassing Regulatory Demands

“In this special guest feature, David McLaughlin, CEO and Founder of QuantaVerse, discusses how advancements in data science, including artificial intelligence (AI), machine learning and big data, promise to stifle money laundering and change outcomes for victims around the globe.”

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August 30, 2017


How AI Helps Financial Institutions Perform Customer Due Diligence

“AI can help financial institutions reduce their AML risk — including addressing Fifth Pillar obligations — by facilitating the data collection process using external sources, such as public registrars, private databases, social media, and other unstructured data, to prepopulate data and streamline customer interaction.”

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July 25, 2017

American Banker

Can AI spy financial crime without implicating innocents?

“QuantaVerse is one vendor of AI software for financial crime detection. QuantaVerse takes the identity verification data banks already get from providers like Thomson Reuters, LexisNexis and FactSet and analyzes it in aggregate.”

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July 14, 2017 Philly

Wayne-based AI company QuantaVerse lands WIRED profile

“Artificial Intelligence company QuantaVerse, founded by Navy vet David McLaughlin, was the star of a Wired article last week on how banks are using AI to fight money laundering, terrorism and other criminal activity. Using proprietary data science algorithms to sift through internal and external data, QuantaVerse sells its services to the banking industry.”

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July 12, 2017

Bank News Magazine

New Solutions: AI Takes on AML

“QuantaVerse, innovator of data science and artificial intelligence solutions created to identify financial crimes, released a complimentary analysis that financial institutions can use to test the effectiveness of their AML programs. The CCO Checkup will analyze transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing TMS.”

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July 10, 2017

The Stack

Banks to use AI to sever terrorists’ funding

“In an effort to combat terrorist activities, banks are planning to start using artificial intelligence (AI) and machine learning to identify suspicious transactions and sever funds to jihadists. QuantaVerse, a Pennsylvania-based technology firm, has developed an AI to monitor and identify financial crimes, from terrorist funding to money laundering.”

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July 10, 2017

Sputnik News

How Machine Learning Is Helping Financial Institutions Tackle Terrorist Funding

“Such capabilities were pivotal to identifying an alleged drug trafficking ring in Panama — Grupo Wisa, a holding company which runs duty free stores in Latin American airports. QuantaVerse found a series of invoices for large, round dollar amounts being passed back and forth between businesses that had the same owner, a telltale sign of a money laundering operation. Moreover, the firm’s founders believed it may well have been in aid of terrorist activities.”

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July 10, 2017

Edgy Labs

AI is the Key to Ending Terrorism and Other Criminal Activities

“QuantaVerse’s AI system can also detect potential money-laundering transactions by looking at account history and its existing relationship with other bank accounts. Traditional systems can only check up to three months’ worth of data while QuantaVerse’s system can handle up to three years of bank history.”

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July 9, 2017


Banks Deploy AI to Cut Off Terrorists’ Funding

“Banks are increasingly turning to machine learning to mine vast quantities of bank data and find anomalies in accounts and transactions that might otherwise have gone unnoticed. “It’s a surgical approach to finding a needle in a haystack,” says Stitt, who now serves as director of financial crime analysis for the Wayne, Pennsylvania-based firm QuantaVerse, which developed the AI technology that some of the world’s biggest banks use to identify money laundering, terrorist funding, and other financial crimes. The technology has already helped identify a Panamanian man the DEA called one of the world’s most significant drug money launderers.”

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June 30, 2017

Corporate Compliance Insights

Improving the Effectiveness of AML Programs

“To combat money laundering, transaction monitoring systems (TMS) are relied upon as a first line of defense by financial institutions. However, TMS can allow an unacceptable number of illicit transactions, or false negatives, to go unflagged due to their dependency on the identification, development and manual implementation of new TMS rules and scenarios.”

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June 22, 2017


Innovation in Compliance Technology: Emerging Themes and Vendor Solutions

“Regulatory and cost pressures are exposing the limitations of traditional approach to compliance, and forcing banks and other financial institutions to innovate by adopting new technology and operational models.”

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June 12, 2017

Compliance Week

CCO Checkup helps financial firms test AML program effectiveness

“Financial institutions can take full advantage of QuantaVerse’s CCO Checkup with minimal effort and no long-term commitment. Included in the CCO Checkup, participating financial institutions receive a QuantaVerse Financial Crimes Report (FCR) detailing the five cases scored highest by the AI solution and representing the greatest risk to the institution.”

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June 08, 2017

The Paypers

QuantaVerse offers CCO Checkup for AML Compliance

“QuantaVerse has released a new tool, the CCO Checkup, aimed at financial institutions who want to reduce their AML-compliance risks. Unlike existing transaction monitoring systems (TMS), AI technology based systems are dynamic and can detect patterns of behavior and analyze the intent of those patterns to identify suspicious activities.”

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June 07, 2017


AI Tackles Money Laundering: QuantaVerse Introduces Free Checkup Tool

“The QuantaVerse solution also provides financial institutions with a virtuous feedback loop that improves performance of their TMS by recommending new rules for catching new criminal behavior patterns that are uncovered during AI analysis. This provides financial intuitions with documented guidance on TMS rule scenarios and model tuning and drives continuous improvement of their AML efforts over time.”

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June 06, 2017

Financial IT

QuantaVerse Reveals CCO Checkup to Help Financial Institutions Evaluate Artificial Intelligence

“The CCO (Chief Compliance Officer) Checkup is a service whereby QuantaVerse’s AI solution will analyze transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction monitoring system (TMS).”

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May 30, 2017

Agenda Week

Rise of the Machines: Boards Brace for AML Changes

“Anti–money laundering (AML) service providers such as Giant Oak, Nice Actimize, Oracle Financial Services and QuantaVerse are developing and deploying technology that uses machine learning (ML) and artificial intelligence (AI) to help companies more effectively comply with regulations aimed at curbing money laundering and other crimes.”

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May 29, 2017

Banking CIO Outlook

U.S. Banks Should Seek New Solutions – Not Reduced Expectations – In Fight Against Financial Crimes

“I have witnessed how the evolution of data science including big data, machine learning and artificial intelligence (AI) is beginning to transform the battle against financial crimes. One hallmark of an ineffective AML program is the occurrence of false positives, transaction alerts that are not ultimately money laundering. Even more troubling are the undetected transactions, or false negatives, that allow money launderers to continue to operate with impunity.”

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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.”

(Read More)

February 28, 2017


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.”

(Read More)

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


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.”

(Read More)

Press Releases

December 14, 2017

QuantaVerse Debuts ‘CAE Checkup’ to Help Corporations and Financial Institutions Evaluate the Effectiveness of an Artificial Intelligence Approach to Internal Risk Audits

“QuantaVerse, the first in the market with AI solutions purpose-built for identifying financial crimes, today announced a new service that corporations and financial institutions can utilize to experience the effectiveness of an AI-based approach to audit investigations. The CAE (Chief Audit Executive) Checkupservice leverages the QuantaVerse AI Financial Crime Platform to analyze enterprise data and more efficiently and effectively identify insider threats, bribery, corruption, money laundering, fraud, terrorism financing and third-party risks that traditional internal audit investigations routinely miss.”

(Read More)

June 7, 2017

QuantaVerse Introduces CCO Checkup to Help Financial Institutions Evaluate Artificial Intelligence in Reducing AML-Related Risk

“QuantaVerse, innovator of data science and artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced an analysis that financial institutions can use to test the effectiveness of their AML programs. The CCO (Chief Compliance Officer) Checkup is a service whereby QuantaVerse’s AI solution will analyze transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction monitoring system (TMS).”

(Read More)

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.”

(Read More)

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.”

(Read More)

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.”

(Read More)

White Papers

Applying Artificial Intelligence Technology To Reduce AML Risk for Global Financial Institutions

“In recent years, financial institutions have navigated through a rising tide of regulatory obligations and compliance requirements related to anti-money laundering (AML), counter-terrorist financing (CTF), Bank Secrecy Act (BSA) and Know Your Customer (KYC). In response to increased scrutiny, and the risk of significant fines and enforcement actions, these covered institutions have spent billions of dollars in an effort to be compliant and thwart criminals from laundering their illicit proceeds through the global banking industry.”

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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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