Cathay Bank picks QuantaVerse to combat crime
Cathay General Bancorp, a holding company for Californian state-charted Cathay Bank, has signed an agreement with anti-financial crime tech firm QuantaVerse.
The banking institution selected QuantaVerse’s artificial intelligence (AI) financial crime solutions as a “fully built and tested” anti-money laundering (AML) platform to reduce manual financial crime investigations.
The aim of the deployment of these systems is to improve the bank’s AML compliance programme and investigations.
These systems comprise QuantaVerse Pre-TMS Entity Resolution & Risk Scoring, to reduce transaction monitoring system (TMS) false positive alerts; and QuantaVerse Alert Investigator, which automates investigations when an alert is produced by a TMS.
In addition, the bank gets QuantaVerse False Negative Identification and Investigator, which examines transactions for risks missed by a TMS; and QuantaVerse Third Party Risk Management for insights into the variances in correspondent bank account activity.
The Alert Investigator and False Negative Identification and Investigator solutions provide QuantaVerse Financial Crime Reports (FCR) that automate alert investigations, detailing suspicious activity and providing risk scores for both entities and transactions.
It also includes the supporting documentation necessary for the case to be analysed by an AML investigator and for creating a suspicious activity report if indicated.