August 23, 2018
Latin Finance Magazine
Costs related to money laundering make up roughly 2.7% of the annual global GDP and preventing it has become an increasingly necessary expense for banking institutions and law enforcement.
August 9, 2018
One of the largest banks in Florida and the largest Chilean-owned bank in the U.S. said this week it is beginning to use artificial intelligence software to detect financial crime. Bci Miami is one of the first banks in the U.S. to publicly acknowledge using AI this way, when many still consider the technology to be new, risky and unsanctioned by regulators.
August 8, 2018
QuantaVerse has signed an agreement with Banco de Credito e Inversiones (Bci) Miami Branch to help the bank mitigate risk, automate investigations and meet AML compliance. QuantaVerse is an artificial intelligence and machine learning solutions company specialized in identifying financial crimes.
South Florida Business Journal
The Miami branch of Chile-based Banco de Credito e Inversiones (BCI) will begin using artificial intelligence to combat financial crimes and streamline its anti-money laundering investigations, the AI provider announced Tuesday.
Banco de Credito e Inversiones (Bci) has signed a three-year agreement with AI solutions vendor QuantaVerse for its Miami 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.
August 7, 2018
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.
Philadelphia Business Journal
After quietly putting its AI-powered software to work detecting financial crimes for more than a dozen global banks over the past two years, Wayne-based QuantaVerse announced Tuesday a noteworthy customer — the largest Chilean bank operating in the United States.
July 16, 2018
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System
July 10, 2018
The QuantaVerse Financial Crime Report automatically compiles information relevant for filing SARs including content related to FinCEN’s newly recommended fields and categories such as geographic targeting orders, IP address date/timestamping, and new/modified subtype selections associated with structuring, fraud, money laundering, gaming, identification/documentation, securities and mortgage fraud.
June 27, 2018
QuantaVerse says that its artificial intelligence-based financial crime platform can collate customer data from transaction monitoring systems, know-your-customer databases, multiple lines of business, the deep web and other sources to generate red flags indicating suspicious activity.
May 3, 2018
The AI-powered technology QuantaVerse has developed enables banks, corporations and other financial institutions to track down bad actors.
April 12, 2018
QuantaVerse is the first financial crime detecting platform with AI solutions that is purpose-built for identifying financial and other crimes through audit investigations.
April 10, 2018
Fighting crime with AI? Sounds like a great sci-fi movie, but it’s a reality. QuantaVerse uses next-gen AI systems to help root out fraud and other financial malfeasance. You’ve heard the saying, ‘follow the money.’ But do you also know the breadth of positive changes that can happen in a society where financial fraud is eliminated?
March 30, 2018
QuantaVerse, founded in 2014, combines data science with artificial intelligence in order to track and identify transactions by shady users: like money launderers, terrorist financiers or, as shown in a documentary released last week by The Economist, human traffickers.
March 20, 2018
Artificial intelligence-based systems, unlike TMS, can detect patterns of behavior, analyze the intent of those patterns and expose anomalous activities. For example, transactions that do not follow the usual frequency and directional patterns expected for a given type of account may not be flagged by a TMS, but would be identified with an effective AI solution.
Human trafficking is devastating for the victims but low-risk for the criminals, whose activities are largely hidden from view. To disrupt it, law enforcement is turning to some unlikely new partners—banks.
March 12, 2018
Other providers of AI-driven AML software include Zest, Merlon Intelligence, QuantaVerse and Attivio. In February, Nice Actimize released a new version of its AML software that has a machine learning component that does anomaly detection and clustering.
February 21, 2018
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, finished 2017 strong as adoption of AI and machine learning to identify suspicious financial activity continues to accelerate.
Februrary 19, 2018
Center for Global Development
David McLaughlin, CEO of QuantaVerse, describes a situation in which one of his company’s programs flagged a transaction between a computer manufacturer and a casino. While casinos are major purchasers of IT equipment, the machine learning program saw that the money was flowing from the manufacturer to the casino, not the other way around. Because the algorithm had never seen this before, it flagged the transaction for further investigation, whereupon suspicious activities were discovered.
January 11, 2018
“Financial institutions can now expand into regions that were once considered to be too fraught with corruption to service, confident that their tools can “identify the types of transactions that clients involved in criminal activity are using to move money around,” QuantaVerse founder David McLaughlin said.”
January 9, 2018
“Historically, the banking industry treated identifying and reporting money laundering as an arbitrage game, said David McLaughlin, founder and CEO of QuantaVerse, the first company with AI solutions purpose-built for identifying money laundering and other financial crimes.”
January 8, 2018
FCPA Compliance Report
“The Chief Audit Executive Checkup service identifies anomalous data patterns related to both known and not yet identified financial crime typologies. The Chief Audit Executive Checkup service lets organizations see first-hand how AI analysis can improve their audit processes and outcomes.”
“QuantaVerse, the first in the market with AI solutions purpose-built for identifying financial crimes, has launched a new service, CAE (Chief Audit Executive) Checkup, that enables companies and financial institutions to evaluate the effectiveness of an artificial intelligence (AI)-based approach to audit investigations.”
January 4, 2018
“As ACFCS ushers in 2018, we are talking with experts across the fields of financial crime compliance, investigations and technologies to find out what were the biggest trends in 2017 and what you should be ready for this year. We asked these questions to David McLaughlin, the Chief Executive Officer of QuantaVerse, a compliance technology firm using artificial intelligence to boost the monitoring and analytical capabilities of financial institutions and corporations.”
December 15, 2017
“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.”
December 14, 2017
“QuantaVerse is capable of ingesting and examining data from a variety of sources including core accounting, core banking, travel and expense reporting, vendor servicing, trade/export, and other types of enterprise systems. Through its AI analysis, QuantaVerse identifies anomalous data patterns related to both known and not yet identified financial crime typologies.”
“The CAE (Chief Audit Executive) Checkup service 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.”
“Financial crime detecting platform QuantaVerse has added a new AI-based service to allow its financial institutions and banking clients better detect fraud and other crimes through audit investigations, as these crimes continue to be a major concern for banks and non-banks alike.”
December 1, 2017
“QuantaVerse’s McLaughlin says internal auditors could take AI even farther by applying it to areas such as fraud investigation and compliance work. For example, rather than relying on auditors or compliance personnel to catch potential anti-bribery violations, internal audit could use AI to analyze an entire data set of expense reports to identify cases of anomalous behavior that require the most scrutiny.”
November 13, 2017
Independent Banker Magazine
“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.”
October 25, 2017
The FCPA Blog
“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.”
October 17, 2017
Global Investigations Review
“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.”
October 16, 2017
“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.”
October 2, 2017
“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.”
September 29, 2017
Corporate Compliance Insights
“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.”
September 26, 2017
ACFCS (Association of Certified Financial Crime Specialists)
“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.”
September 6, 2017
Inside Big Data
“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.”
August 30, 2017
“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.”
July 25, 2017
“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.”
July 14, 2017
“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.”
July 12, 2017
Bank News Magazine
“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.”
July 10, 2017
“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.”
“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.”
“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.”
July 9, 2017
“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.”
June 30, 2017
“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.”
June 22, 2017
“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.”
June 12, 2017
“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.”
June 08, 2017
“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.”
June 07, 2017
“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.”
June 06, 2017
“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).”
May 30, 2017
“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
“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.”
May 23, 2017
“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.”
April 21, 2017
“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.”
April 18, 2017
“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.”
April 13, 2017
“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.”
March 2, 2017
“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.”
March 1, 2017
ABA Bank Compliance
“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.”
February 28, 2017
“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).”
February 27, 2017
Philly Tech News
“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.”
December 27, 2016
“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.”
October 11, 2016
“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.”
October 07, 2016
“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.”
October 05, 2016
“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.”
September 08, 2016
“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.”
August 3, 2018
Wayne, PA (August 3, 2018) –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.
July 19, 2018
Wayne, PA (July 19, 2018) –QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced that banking leader, David Schwartz, has agreed to join the QuantaVerse Board of Managers.
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System.
May 8, 2018
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced the appointment of technology and banking industry veteran Kenneth M. Harvey to the QuantaVerse Board of Managers. In this role, Ken will lend his counsel and expertise to the company’s management team.
February 20, 2018
“QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, finished 2017 strong as adoption of AI and machine learning to identify suspicious financial activity continues to accelerate.”
“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.”
June 7, 2017
“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).”
May 10, 2017
“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.”
“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.”
December 06, 2016
“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.”
July 19, 2016
“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.”
November 5, 2014
“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.”
“More than one trillion U.S. dollars are estimated to be involved in worldwide acts of bribery and political corruption each year. These crimes impede developing nations from achieving stability, recovering from disasters and realizing measurable growth by siphoning off foreign aid and stealing national revenue.”
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“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.”
“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.”
“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.”
“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.”
Address: 435 Devon Park Dr. Bldg 700, Wayne, PA 19087
Contact Email: email@example.com
Business Phone: 610.465.7320