Cathay Bank Selects QuantaVerse AI Financial Crime Solutions to Create a More Effective AML Program

Cathay Bank Selects QuantaVerse AI Financial Crime Solutions to Create a More Effective AML Program
28.11.2018 09:46 am

Cathay Bank Selects QuantaVerse AI Financial Crime Solutions to Create a More Effective AML Program

Artificial Intelligence

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.

  • QuantaVerse Pre-TMS Entity Resolution & Risk ScoringTM reduces transaction monitoring system (TMS) false positive alerts by classifying the risk of each transacting party, down to the pseudo-client level. In the vast majority of transaction messages, who the transacting parties are is often ambiguous which forces an expensive manual intervention.
  • QuantaVerse Alert InvestigatorTM automates investigations when an alert is produced by a TMS. By replicating much of the human investigative process which analyzes entity, transaction, and intention (or economic purpose) variables, up to 70 percent of an AML case investigation can be successfully completed by QuantaVerse.
  • QuantaVerse False Negative Identification and InvestigatorTM examines transactions for financial crime risks missed by a TMS. According to industry estimates, up to 70 percent of financial crimes go unalerted and are therefore uninvestigated and unreported. These false negatives have the potential to cause significant risks to both the organization and their accountable employees.
  • QuantaVerse Third Party Risk ManagementTM provides risk managers with better insights into the variances in correspondent bank account activity that might indicate risks of financial crimes, or that suggest an account is being used for something other than its stated purpose.

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.”

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