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.”