KPMG partners with financial crime fighter Quantexa

10 November 2021 2 min. read
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Global accounting and consulting firm KPMG has agreed a partnership with Quantexa, deepening its economic and financial crime capabilities.

With the increasing international financial crimewave, financial institutions are stepping up to better defend against fraud, money laundering, and illicit finance. That’s why KPMG’s UK firm is collaborating with Quantexa, using its Contextual Decision Intelligence (CDI) software to unlock the power of their clients’ vast data assets at less of a cost, and to spot risks hiding behind the data.

Mark Cordy, partner in financial crime technology at KPMG in the UK, said: “Fighting financial and economic crime has a substantial cost to society and business. Financial institutions understand they must have robust procedures as well as the right technology to effectively identify and prevent financial crime.”

KPMG partners with financial crime fighter Quantexa

“Using digital technology to detect money laundering risks and other suspicious activities helps companies achieve compliance, understand their business better and protect against crime,” Cordy added.

Quantexa’s Contextual Decision Intelligence technology combines datasets to provide institutions with a better, stronger data foundation and a trustworthy picture of real-world entities, surfacing patterns behind the spreadsheets. With connected datasets, data scientists and investigators can count on a stronger basis to make informed, trusted decisions.

Quantexa CEO Vishal Marria explained, “Using an approach that brings together internal, external, publicly available and transactional data, banks and financial institutions can create a complete and full picture of their customers, their customer’s customers, their transactions, and any connection between and beyond them to make more informed decisions on whether something looks like potentially illegal activity, in significantly less time.”

“The software automatically creates this full picture, and it effectively combines human intelligence with artificial intelligence. This makes it much easier to detect activity, reduce false positives, and escalate the number of real incidents that are captured at speed.”

KPMG has integrated the Contextual Decision Intelligence tool into its economic crime offerings, helping its clients “improve operational business decision-making performance, minimise client risk and ensure higher levels of compliance” across a range of areas such as transaction monitoring, investigations, credit risk and fraud detection.

Quantexa was founded in 2016 by Imam Hoque, former managing director of fraud and financial crime EMEA at SAS, and Vishal Marria, former executive director at EY. In July this year, the fast-growing financial crime fighter roped in $153 million in Series-D funding to accelerate its global growth.