Quantexa, a data and analytics software firm, introduced a product on Wednesday that’s intended to help smaller financial institutions fight crypto-powered crime in the U.S.

The London-based company is now offering a cloud-based, anti-money laundering (AML) solution through Microsoft’s cloud computing platform, which is “designed specifically for U.S. mid-size and community banks,” according to a press release.

Quantexa said the pre-packaged product allows teams investigating financial crimes to make faster decisions with less overhead while maintaining accuracy, noting that banks are held to the same compliance standards across the U.S., despite what resources they may have. The product, dubbed Cloud AML, is also meant to reduce “false positives.”

A company survey published earlier this month found that 36% of AML professionals think digital assets will have the biggest impact on the AML industry within the next five years.

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Author: André Beganski