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AML RightSource’s New QuantaVerse Risk Segment Override (RSO) Capability Enables Financial Institutions to Tune Risk Classification
AML RightSource : August 16, 2022
AML RightSource, the leading provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act (“BSA”) compliance solutions, has added a new capability to its QuantaVerse Financial Crime Platform. The new Risk Segment Override (RSO) capability allows an investigator to override QuantaVerse’s risk segmentation if they deemed it warranted after reviewing a case. The overrides will persist until the QuantaVerse Platform alters the entity’s risk profile based on new information which is immediately presented for review.
Experienced AML investigators have training, instinct, and intuition that surpass what even the most advanced AML systems can effectively analyze. For example, during customer onboarding, a TMS alert investigation, or as part of a high-risk entity review, an investigator will have discovered why a company executive is negatively impacting the risk segmentation of an associated entity. If a compliance team determines that this connection is not a valid risk, the Risk Segment Override capability ensures that this issue will no longer inflate an entity’s risk score thus keeping the AML compliance team from wasting precious time continuously reevaluating cases triggered by this non-issue.
However, the QuantaVerse Platform will reverse a risk override due to any negative change of financial crime observables. A report of new adverse media; the discovery of evolving money laundering typologies; or even a change in the volume or value of transactions to a risky jurisdiction could automatically reverse the override and notify the AML compliance team that a new risk indicator should be evaluated.
“AML compliance teams are notoriously overburdened. Recent staffing shortages have further compounded their ability to keep up with increasing regulatory demands and bank growth,” explains David McLaughlin, Executive Vice President, Technology Sales at AML RightSource. “By reducing the amount of time spent re-examining the same issues and alerts, we're freeing up teams to attend to the things that most require their attention and valuable time. RSO is a great example of how we can create efficiencies for compliance teams while ensuring that legitimate risk is being identified.”
The QuantaVerse Platform is built specifically for the financial services industry. The QuantaVerse Platform’s AML compliance solutions have been shown to improve the effectiveness of existing AML systems while creating significant efficiencies for investigative teams.
“This is yet another small, but powerful capability from AML RightSource, adding to our ever-evolving solutions suite so we can provide only the most cutting-edge and unique technology. We’re here to support our clients in developing their compliance teams to be more efficient and more effective, and enabling them to make better and robust business decisions,” adds Frank Ewing, CEO of AML RightSource. “It is with our team of industry experts who understand the daily challenges our clients face that make us more committed and dedicated to always improve our technology and human solutions. This is what we pride ourselves on and what makes us stand out in the industry.”
To learn more, please visit: info.amlrightsource.com/quantaverse.
About AML RightSource, LLC
AML RightSource is the leading technology-enabled managed services firm focused on fighting financial crime for our clients and the world. AMLRS provides custom solutions to financial institutions, FinTechs, money service businesses, and corporations. Using a blend of highly trained anti-financial crime professionals, cutting-edge technology tools, and industry-leading consultants, AML RightSource assists clients with their AML/BSA, transaction monitoring, client onboarding (KYC), enhanced due diligence (EDD), and risk management needs. We support clients in meeting day-to-day compliance tasks, urgent projects, and strategic changes. Our global staff of more than 3,000 highly trained analysts and subject matter experts is the industry’s largest group of full-time compliance professionals. AML RightSource is headquartered in Cleveland, Ohio. For more information, visit: www.amlrightsource.com.
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