Quantexa launches Cloud AML to help American banks combat crypto crime

Data analytics software company Quantexa has just introduced Cloud AML, a cloud-based anti-money laundering solution built on Microsoft’s platform, specifically designed for mid-sized banks and the community in America.

According to Quantexa, this packaged product helps financial investigation teams make decisions faster, reduce costs while ensuring accuracy, and at the same time limit false alarms.

A recent survey by the company showed that 36% of AML professionals believe that digital assets will have the greatest impact on the AML industry in the next 5 years.

This move comes after America passed the stablecoin law in the summer, paving the way for major banks like Bank of America and Citigroup to enter the competition. However, according to Chris Bagnall – North America Director of Financial Crime Solutions at Quantexa – most banks are currently only focused on the ability to monitor cash flow related to cryptocurrencies, while only a few pioneering entities see this as a business opportunity.