KUALA LUMPUR, Jan 8 (Bernama) -- Quantexa, a provider of decision intelligence solutions for the public and private sectors, has been recognised in the 2024 Chartis’ RiskTech Quadrant Update for anti-money laundering (AML) transaction monitoring solutions.
According to a statement, the report highlights Quantexa’s “best-in-class” capabilities across critical areas to help financial institutions (FIs) fight financial crime and comply with regulatory scrutiny.
“Being named a Category Leader by Chartis, alongside prominent industry players, underscores the growing recognition of our innovative approach to Contextual AML monitoring and advancements in generative AI (GenAI).
“This acknowledgement affirms both our technological expertise and our commitment to understanding and addressing the evolving challenges our clients face in the fight against money laundering,” said Quantexa Chief Product Officer (FinCrime), Alexon Bell.
Meanwhile, Chartis Research Director, Nick Vitchev said Quantexa continues to place as a Category Leader for AML Transaction Monitoring by building on its strength in decision intelligence and GenAI to develop an approach to automating complex investigations that cuts to the heart of one of the biggest challenges in the field.
Chartis highlights that GenAI is an increasingly important feature of AML transaction monitoring solutions. Previously, Quantexa announced its GenAI technology Suite, Q Assist, which allows financial investigation units (FIUs) to leverage their data as part of their investigation process to identify and understand potential risk.
Financial institutions are bound by national (such as the USA Patriot Act) and supranational regulations (such as the EU’s Anti-Money Laundering Directives) to prevent money laundering.
The United Nations estimates that annual laundering volumes range from two to five per cent of gross domestic product (GDP). Compliance and prevention can be challenging due to the frequent changes to these regulations, increasingly sophisticated money laundering schemes, and internal technological and data challenges.
Quantexa’s AML Solution Suite allows FIs to deal with these challenges by using AI and machine learning (ML) in its entity resolution and knowledge graph capabilities to join disparate data, uncover hidden risk, and execute proactive monitoring and detection.
-- BERNAMA
