“QuantaVerse applauds the NY DFS for enacting these regulations,” said David McLaughlin, CEO of QuantaVerse. “Strengthening BSA & AML compliance among financial institutions is essential to choking off the money that funds terrorism and other activities.”
Wayne, PA (PRWEB)
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).
New York State’s Anti-Terrorism Transaction Monitoring and Filtering Program Regulation requires New York DFS-regulated financial institutions to “maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA) and AML violations and prevent transactions with sanctioned entities, and certify compliance with the regulation annually to DFS.” Significant to this new regulation is that institutions must review their transaction monitoring programs to ensure they comply with regulatory safeguards. Institutions must also adopt either an annual board resolution or senior compliance officer attestation to certify compliance with the DFS regulation beginning April 15, 2018.
QuantaVerse is uniquely able to provide institutions and their senior compliance leadership with data-driven solutions to enhance their existing transaction monitoring systems. QuantaVerse employs state-of-the-art proprietary algorithms to find hidden risks in the flood of transaction data that institutions deal with daily. QuantaVerse’s data analysis is powered by artificial intelligence that helps institutions identify where their risks are…