QuantaVerse begins fast track program for HRER reports that identify financial crime

Karthik Subramanian

QuantaVerse, a company that uses machine learning and AI to identify financial crime, has introduced a new fast-track 2-month program for High-Risk Entity Reports (HRER).

Along with digitalization and online banking and trading, the threat of financial crime has also been increasing over the last few years. We have had several instances of companies, individuals, and entities breaking the AML laws over the last few years. Not only that, since the entities have the option of changing their director or moving to new regions under new regulations etc, it becomes very difficult for anyone to keep track of all the High-Risk individuals and entities across the world.

For this, the bank carries out a manual process of verification and identification of High-Risk Entities. Since the process is manual, it takes a lot of time, effort, and cost for these HRER reports by which time the entity in question might get involved in their next crime.

To avoid this and to speed up the process of generation of these reports, QuantaVerse now has a platform that can generate these reports within a short period of time and the company says that this solution can be deployed within a period of 2 months. They also automate most of the processes involved through machine learning and AI.

“The new HRER Fast Start makes it easy for banks to improve the accuracy and consistency of their high-risk entity review program,” explained David McLaughlin, CEO, and Founder of QuantaVerse. “QuantaVerse HRERs make the entity review process more efficient while getting complete analysis with fewer errors.”

The company also said that the time taken for generating such reports manually under current circumstances is around 10 hours while the company platform would be able to reduce it to around 3 hours on average. The company says that apart from the time and effort saved, the accuracy also improves and this helps the investigators to focus on the business needs rather than waste time on other work.

Banks have been increasingly using 3rd party financial crime detection platforms to save time and also because the job of detecting such crimes before or during the time it happens has become more and more difficult and it requires a combination of high-end technology and experts to do a good and quick job, something that the banks generally lack in these times. This field is expected to continue to grow as the clients and the services offered by financial firms continue to diversify in the coming years.

 

Read this next

Digital Assets

Crypto.com secures preliminary approval to operate in Canada

Crypto.com, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Uncategorized

XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

Institutional FX

FX volume drops 7pct at CLS Group in July 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in July.

Digital Assets

Web3 startup PIP integrates with Binance ecosystem

Web3 payment provider PIP has announced integration with the Binance ecosystem, which allows the firm to vastly develop and propose needed products and improvements that are worthy of competing with others chains.

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

<