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.


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