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CCO Checkup helps financial firms test AML program effectiveness

GRC Announcements | June 12, 2017

QuantaVerse, innovator of data science and artificial intelligence (AI) solutions purpose-built for identifying financial crimes, recently announced the launch of CCO Checkup, a free service financial institutions can use to test the effectiveness of their AML programs. The new service is empowered by QuantaVerse’s AI solution that analyzes transaction data to detect “false negatives” or anomalous behaviors that may have been missed by an institution’s existing transaction monitoring system.

Transaction monitoring technology is essential for the maintenance of an effective AML program, but transaction monitoring systems are failing to flag many transactions that represent serious risks for financial institutions. Legacy TMS are incomplete because they rely solely on rules-based engines. If a financial... To get the full story, subscribe now.