Deloitte’s financial crime team and Quantexa will be joining their expertise and technology respectively, to use contextual monitoring and real-time entity resolution to flag potential money laundering activity within financial institutions.
Quantexa’s technology enables banks to analyse their customers’ wider networks in their full context, using internal, publicly available and transactional data to flag suspicious activity. This combined with Deloitte’s market-leading financial crime prevention expertise will allow financial institutions to more accurately detect potentially illegal activity and provide a complete understanding of the overall risk.
The partnership coincides with the appointment of Rob Wainwright, partner in cyber security at Deloitte, to oversee innovation in their financial crime processes. Wainwright was previously the executive director of Europol.
Vishal Marria, CEO at Quantexa, said: “We are delighted to be collaborating with Deloitte to progress the fight against financial crime. Our combined technology and subject matter expertise create a broader understanding of a bank’s customers, helping flag suspicious activity more accurately and better equipping banks to manage the risk of financial crime.”
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Tom Scampion, EMEA Financial Crime Leader at Deloitte, added: “Deloitte is continuously innovating to help our clients tackle sophisticated financial criminal activity. We look forward to working closely with Quantexa in an intelligence-led approach to combatting financial crime.”