AML RightSource announced Tuesday (Aug. 17) its acquisition of data science automation firm QuantaVerse, according to a press release.
Through the acquisition, AML RightSource is bulking up its services in fighting money laundering, improving its know your customer (KYC) offerings and providing solutions for Bank Secrecy Act compliance, the release stated.
The act is a U.S. law requiring financial institutions (FIs) to assist government agencies in detecting and preventing money laundering.
“Combining our technology solutions with AML RightSource’s global advisory and managed services offerings, in an integrated deployment framework, will enable customers to improve flexibility, scale and regulatory compliance,” said QuantaVerse Founder and CEO David McLaughlin in the release.
Details of the acquisition weren’t disclosed, nor were details of the transaction’s closing date.
Quantaverse, which was founded in 2014, automates financial crime identification, alert investigations and the documentation of investigation results, the release stated. The company’s Financial Crime Platform identifies patterns and discerning anomalies and reduces false positives while accelerating investigations and lowering operational risks with more accurate results.
QuantaVerse uses robotic process automation (RPA) and machine learning (ML) to automate financial crime identification and investigation, with a focus on money laundering and other financial crime related to drug trade, human trafficking, terrorism and political corruption, according to the release.
The company’s solutions have helped clients more efficiently comply with anti-money laundering (AML), KYC and Foreign Corrupt Practices Act (FCPA) regulations, the release stated.
“Adding QuantaVerse will help us provide our clients improved [return on investment (ROI)] by eliminating noise and unproductive reviews, through their nimble infrastructure which seamlessly integrates with in-place systems,” said AML RighSource CEO Frank Ewing in the release. “It also accelerates our strategy to offer more tech-enabled services to support our clients.”
In July, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) doled out expansive, new AML priorities for FIs that includes an increased focus on corruption and cybercrime.