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QuantaVerse Financial Crime Report simplifies FinCEN SAR filings

GRC Announcements | July 16, 2018

QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, helps financial institutions file timely and accurate suspicious activity reports (SARs) that match FinCEN’s recently revamped SAR filing format in the BSA E-Filing System.

The QuantaVerse Financial Crime Report automatically compiles information relevant for filing SARs, including content related to FinCEN’s newly recommended fields and categories—such as geographic targeting orders, IP address date/timestamping, and new/modified subtype selections associated with structuring, fraud, money laundering, gaming, identification/documentation, securities and mortgage fraud.

A critical output of the company’s Alert Investigator and False Negative Identification and Investigator solutions, the QuantaVerse Financial Crime Report details serious anomalous transactions including information on the transacting parties, transactional relationships, negative news surrounding entities, and money laundering and terrorism financing typologies. The QuantaVerse Financial Crime Report includes risk scores and all supporting documentation necessary for the case to be efficiently analyzed by an AML investigator and all that is required for a SAR to be created.

“We anticipate that this will reduce by up to 70 percent the time that investigators spend gathering critical facts and summarizing their research to support SAR filings,” said QuantaVerse CEO David McLaughlin. “Our comprehensive Financial Crime Report helps financial institutions’ investigative teams automate data-gathering activities and apply human resources to things they are uniquely qualified for such as intuition and logic.”

The QuantaVerse Financial Crime Report meets regulatory and internal audit requirements for properly documenting, explaining and detailing the activity investigated. It contains sections for recommended action, identified risk, subject(s) identification, dates of identified activity, account number(s), number of transactions, amounts, transaction details including dates, negative news, and an investigative narrative that conforms to regulatory and internal audit requirements as appropriate for SARs and Suspicious Transaction Reports (STRs).

In the event that the QuantaVerse AI Solution determines that additional investigation and verification by a level-three or level-four investigator is necessary, the Financial Crime Report will state that “further investigation is recommended.” If an alert does not constitute suspicious activity (i.e., it’s a false positive), the report will indicate “no further investigation recommended.”

“Our customers appreciate having AI-derived insights, risk scores, and supporting evidence on suspicious transactions served up to them in a clear and logical report,” McLaughlin said.