BNP Paribas Selects QuantaVerse AI Financial Crime Solutions for Anti Money Laundering (AML) Efforts

Share Article

Leading Eurozone Financial Institution Looks to Reduce Money Laundering False Alerts and Gain Better Insights into Third-Party Risk

News Image
“It is our mission to help organizations like BNPP leverage AI and machine learning to radically improve their ability to accurately identify bad actors more quickly and efficiently than has been possible with legacy technology and techniques,” said David McLaughlin, CEO and Founder of QuantaVerse.

QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, has signed an agreement with BNP Paribas (BNPP) for the use of two of QuantaVerse’s AI for AML solutions. BNPP is using the solutions to reduce false positives produced by transaction monitoring systems (TMS) and to provide better insights into the bank’s pseudo-client activity in support of its U.S. dollar clearing operation.

After an extensive evaluation process, QuantaVerse was selected for its proven and readily-deployable AI for AML solutions. BNPP will soon be implementing the following QuantaVerse AI solutions:

  • QuantaVerse Pre-TMS Entity Resolution & Risk Scoring (TM) reduces TMS false positive alerts by classifying the risk of each transacting party and counter-party, down to the pseudo-client level. In the vast majority of transaction messages, the transacting parties are often ambiguous which forces expensive manual intervention. This solution enables existing TMS rules and models to deliver more accurate alerts, reducing false positives and the time it requires AML investigators to review false positives.
  • QuantaVerse Third Party Risk Management (TM) provides risk managers with better insights into the variances in account activity that might indicate financial crimes, or that suggest an account is being used for something other than its stated purpose. This type of analysis is a growing regulatory burden driven by the need to understand the risk profile of pseudo clients.

“It is our mission to help organizations like BNPP leverage AI and machine learning to radically improve their ability to accurately identify bad actors more quickly and efficiently than has been possible with legacy technology and techniques,” explained David McLaughlin, CEO and Founder of QuantaVerse. “We hope to help these organizations hone their use of AI for AML and then assist them in operationalizing these technologies throughout their business groups and across the jurisdictions in which they operate.”

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including nearly 149,000 in Europe.

About QuantaVerse

QuantaVerse is the leader of artificial intelligence (AI) and machine learning solutions purpose-built for identifying financial crimes. QuantaVerse utilizes its AI Financial Crime Platform to reduce financial crime risk by identifying patterns and discerning anomalies that current approaches and systems regularly miss. The QuantaVerse solutions have helped customers more efficiently comply with AML (Anti-Money Laundering), KYC (Know Your Customer) and FCPA (Foreign Corrupt Practices Act) regulations. Most importantly, QuantaVerse is helping to rid organizations of money laundering and other financial crimes that support our greatest global ills – the drug trade, human trafficking, terrorism and political corruption. For more information, contact QuantaVerse at (610) 465-7320 or visit http://www.QuantaVerse.net.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Mark Tordik
QuantaVerse
+1 732-763-3078
Email >
Visit website