QuantaVerse, which uses AI and machine learning to automate financial crime identification and investigations, has introduced an additional Financial Crime Investigation Report that addresses the specific needs of Level 1 AML compliance teams. The new report helps reduce the average time spent investigating an alert by over 50 percent.

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Level 1 investigators at financial institutions are the first line of defense against money laundering perpetrated by criminals and terrorist financing organizations. They evaluate suspicious cases triggered by transaction monitoring system (TMS) alerts. These first-level investigators manually gather critical information from the Internet and multiple disparate databases and spend, on average, 20 to 90 minutes clearing an alert or attempting to determine if the case requires additional scrutiny.

The QuantaVerse AI-enabled Financial Crime Platform automates the AML investigation process. What the platform discovers is reported to analysts through distinct types of Financial Crime Investigation Reports (FCIRs). The new QuantaVerse Level 1 FCIR enables the speedy clearing or escalation of a case to a senior analyst. The report leads with a high-level summary of the case and includes alerts that triggered the investigation, automatically pulling descriptions of violated rules directly from the TMS. This limits the need for first-level analysts to leave the report to search other databases. The next section of the report provides risk scores related to reputation, monitoring, and intent, as well as overall risk segmentation which delivers an at-a-glance understanding of where risk lies for each entity and what requires consideration.

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The final section of the report is a narrative summarizing risks that the entity exhibited along with those for which it was cleared. By articulating what risks have been eliminated along with the rationale for that conclusion, investigators can use these explanations to explain why a case was cleared. Due to the report’s modular architecture, the Level 1 FCIR can be adapted for multiple business lines, including retail, correspondent, and commercial banking.

“The Level 1 FCIR was born out of our clients’ need to make investigations conducted by first-level analysts more efficient,” explained David McLaughlin, CEO and Founder of QuantaVerse. “We worked tirelessly to adapt our original Financial Crime Investigation Report to aggregate only the most elemental information and serve it up to first-level analysts in a clear and logical report.”

The QuantaVerse family of FCIRs now includes:

  • Level 1 FCIR – helps first-level analysts to speed initial reviews of TMS alert investigations
  • High-Risk Entity Report – assists financial institutions in efficiently conducting periodic entity risk reviews
  • Alert-based FCIR – examines cases that have been triggered by TMS alerts including in-depth analysis of related entities and counterparties and the content required for filing SARs when indicated
  • Entity-based FCIR – analyzes and documents the risk associated with each customer and their counterparties for suspicious activity that a TMS system has failed to discover

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