AI Tech Company QuantaVerse's New Service to Fight Financial Crime

EXCLUSIVE – Financial crime detecting platform QuantaVerse has added a new AI-based service to allow its financial institutions and banking clients better detect fraud and other crimes through audit investigations, as these crimes continue to be a major concern for banks and non-banks alike. The new CAE (Chief Audit Executive) Checkup service unveiled today uses the startup's AI Financial Crime Platform to analyze data and detect insider threats, bribery, corruption, money laundering, fraud, terrorism financing, and third-party risks. This can be done without having the audit team manual create models and study samples for anomalies to catch financial misbehavior. "With this new technology, audit departments can look at the entire transaction history of the year to spot anomalies," David McLaughlin, CEO and founder of QuantaVerse, told Bank Innovation. "That not only reduces risks, but also saves these internal audit teams resources and time."