QuantaVerse Supports Financial Institutions Facing Financial Crime Investigator Scarcity Due to COVID-19
QuantaVerse, which uses AI and machine learning to automate financial crime investigation processes, is now offering new adaptations of the QuantaVerse Alert Investigator for financial institutions that may face emergency shortages of financial crime investigators due to the COVID-19 outbreak.
Global financial centers like New York and other regions including India that are critical to supporting financial crime prevention efforts are incapacitated by the Coronavirus pandemic, reducing the availability of financial crime investigators. To ensure financial institutions can keep pace with regulated requirements and to keep the world’s financial transactions and trades flowing, applications of QuantaVerse Alert Investigator have been devised that can immediately augment screening and investigation efforts or can be added to disaster preparedness strategies and activated as an investigator contingency effort if a critical shortage develops.
Officials are anticipating breakdowns in the system at this time. On March 16, FinCEN requested that financial institutions affected by the COVID-19 pandemic contact FinCEN and their functional regulator as soon as practicable if an affected financial institution has concern about any potential delays in its ability to file required Bank Secrecy Act (BSA) reports.
“Having on-demand access to our Alert Investigator solution offers a number of critical benefits in the event a temporary shortage of investigators should arise,” said David McLaughlin, CEO and Founder of QuantaVerse. “First, it helps institutions fulfill their regulatory requirements under difficult circumstances. Secondly, it ensures processes like sanctions screening do not delay transactions from being processed as slowing the pace of financial systems will only aggravate an already bad situation. Finally, the quality and consistency of results help organizations adjudicate and report money laundering and other financial crimes that often run rampant during global crises.”
By adapting the delivery of QuantaVerse Alert Investigator for the current circumstance, automated investigations of alerts generated by sanctions screening, trade surveillance, or transaction monitoring systems (TMS) can help lessen the impact of the investigator shortage.
Regulated AML/BSA Investigations
QuantaVerse Alert Investigator has been developed to replicate and automate industry best practices when conducting an investigation. Unlike RPA and AI-enabled AML tools that accelerate individual steps within an AML/BSA investigative process, the QuantaVerse end-to-end financial crime platform has been proven to automate more than 80 percent of the investigative effort. QuantaVerse is the only company that has a proven, deployed and third-party validated technology able to deliver a risk-scored and fully documented investigative analysis.
By automating the investigation, the QuantaVerse system can clear false positives and produce a QuantaVerse Financial Crime Report (FCR) for cases that require adjudication. In this way, available investigators can assess more cases each day and expeditiously file suspicious activity reports (SARs) when required. That means a reduced investigative staff can keep pace.
Regulated Trade Surveillance Investigations
In capital markets, broker-dealers and asset management firms must monitor trades to ensure they comply with regulations. Stay-at-home and business shutdown orders in India and other regions, where trade surveillance is commonly managed and work-from-home infrastructure is underdeveloped, has stressed investigative team capacity. Attempts to repatriate these labor-intensive functions are met with the challenge of training temporary workers in a remote setting. Consultants that normally provide skilled human capital are likewise overwhelmed.
Rapid deployment of QuantaVerse’s platform assesses alerts and automatically performs critical stages of trade-related investigations. QuantaVerse’s AI agents can evaluate trader risk characteristics, relationships between traders and related parties, trade typologies (wash sales, matched trades, price manipulation, etc.), and assess the beneficiaries of the alerted trades. The platform’s natural language processing algorithms also evaluate unstructured data held within email, text, or other communications to assess risks.
The Need for Speed
In most cases, an instance of the QuantaVerse Alert Investigator can be established within days. QuantaVerse examines sample files and alerts and maps them to machine readable formats that its platform can review. Once tested, the cloud-based instance can be deployed immediately or stands ready to be activated should an investigative team need support.
For qualified financial institutions, QuantaVerse provides independent third-party model validation documentation and standardized information gathering (SIG) to accelerate vendor due diligence as well as an addendum documenting capability and execution steps for business continuity and disaster recovery plans. For more information about establishing an instance to support your business continuity planning, please visit www.QuantaVerse.net/contact.
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