Data and analytics software company Quantexa, has partnered with Deloitte as part of its global illicit finance and economic crime initiative to help firms with more stringent monitoring of criminal activities and establish a robust framework against organised crime.
Deloitte’s financial crime team and Quantexa will be combining their expertise and technology to use real-time entity resolution and flag potential money laundering activity within financial institutions.
Quantexa’s Contextual Decision Intelligence (CDI) platform will enable Deloitte’s clients to leverage technology and analytics to monitor payment flows and gain an accurate picture of the risks from customers and associated third parties, legitimate and otherwise.
The CDI software provides a single view of data that enhances the efficiency, effectiveness and consistency of operational investigations and monitoring. This combined with Deloitte’s financial crime prevention expertise will allow financial institutions to detect illegal activity and potential risks and even foil the global illicit finance and economic crimewave.
With the proliferation of online transaction, especially catalysed by the Covid-19 pandemic, criminals are using newer, more sophisticated techniques to evade detection in the increasingly interconnected and digital world. Clearly, as digital transformation accelerated and proven compliance processes adapted to increasingly remote transactions, opportunities for bad actors have only increased. Therefore, firms must prioritise financial crime even more now than ever, Deloitte said.
Commenting on the new association, Quantexa CEO Vishal Marria said, “New risks demand new technology and techniques. Organisations need to rethink the use of traditional rules-based approaches to monitoring activity, which are inflexible and incapable of dealing with the complexity and scale of today’s enterprise data demands.”
Echoing a similar sentiment, Deloitte partner Andrew Oates commented, “Working with Quantexa, Deloitte clients are developing sustainable and future-focused contextual monitoring capabilities. CDI provides what is fast becoming the new standard for fighting illicit finance and economic crime.
“Our deep economic crime subject matter expertise, combined with Quantexa’s technology and advanced analytics, enables our clients to identify trends, monitor known risks and detect new threats more effectively – it is the next evolution of illicit finance and economic crime monitoring.”
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