QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced it has signed a three-year agreement with the Banco de Credito e Inversiones (Bci) for its United States Branch. Bci Miami Branch selected the QuantaVerse AI Financial Crime Solutions as an additional tool to mitigate risk, automate investigations and meet anti-money laundering (AML) compliance requirements. 

“Bci Miami Branch is committed to serving our customers while working with regulators to continue to maintain a strong, compliant AML program. By deploying the QuantaVerse AI Solutions, we now have a more efficient risk management strategy in place,” said Michele Fernandez, Head of Compliance for Bci Miami Branch and Regional Compliance Officer for the U.S. operations.

Bci Miami Branch chose to deploy the following QuantaVerse solutions to improve the efficiency of its existing transaction monitoring process and financial crime investigations:

• QuantaVerse Pre-TMS Entity Resolution & Risk ScoringTM reduces TMS false positive alerts by classifying the risk of each
  transacting party, down to the pseudo-client level. The solution enables existing TMS rules and models to work as designed causing false positives to decline and reducing the many costs associated with investigating false positives.
• 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. The solution can query multiple years’ worth of related entity transactional data and can be used for Below the Line (BTL) testing requirements by efficiently examining 100 percent of BTL transactions. False negatives have the potential to cause significant risks to both the organization and their accountable employees.

“We identified and evaluated several companies that offer AI solutions for financial crime, but unlike the others, QuantaVerse had proven solutions ready to deploy at scale in our production environment,” explained Fernandez. “We were also particularly impressed with QuantaVerse’s comprehensive Financial Crime Report which provides our institution with a quality standard and consistency for SAR reporting obligations by streamlining the process for our investigators.”

The QuantaVerse Alert Investigator and False Negative Identification and Investigator solutions both provide QuantaVerse Financial Crime Reports on anomalous transactions. These reports include risk scores and supporting evidence enabling investigators to more efficiently evaluate cases. AI-derived Financial Crime Reports ensure investigators apply their time to evaluating complex cases instead of digging for and amassing data. The information in the QuantaVerse Financial Crime Reports is tailored to BSA requirements whichalso speeds SAR filing time.

“We are pleased to welcome Bci Miami Branch to the QuantaVerse anti-financial crime family,” explained David McLaughlin, CEO and Founder of QuantaVerse. “There are extraordinary operational outcomes that will be realized by streamlining their AML investigation processes, but the greatest outcome will be the Branch’s ability to more effectively and efficiently use their resources to identify financial crimes.”