AML (ANTI-MONEY LAUNDERING SOLUTUION
Today’s threats are dynamic and fast-moving, and financial organizations demand innovative technologies that allow them to achieve consistent regulatory coverage, reduce the cost of compliance, and respond to market changes quickly.
NICE Actimize’s Autonomous AML suite modernizes AML programs by bringing together AI, machine learning, domain expertise, and robotic process automation (RPA) to better combat money-laundering and terrorist financing. It keeps programs up-to-date with regulatory compliance while creating a single integrated view of the customer.
This is the AML Suit of Solutions:
1) Suspicious Activity Monitoring (SAM)
The Actimize Suspicious Activity Monitoring (SAM) solution combines cutting-edge technology with years of AML human-expertise, helping to ensure accurate alert detection, increased team productivity and lowered compliance program costs. AML automation brings together AI, machine learning and robotic process automation (RPA), the solution enables end-to-end coverage for the detection, scoring, alerting, workflow processing and suspicious activity reporting. As a result, AML departments can more effectively monitor suspicious activities, be confident they’re focusing on the right issues and risks, and automate processes while retaining the power to make the final decision.
Lower false positives by 30 percent. Actimize provides Autonomous AML transaction monitoring that combines human intelligence with machine learning technology to protect against the known and unknown hiding within the millions of transactions institutions process each day.
A unique, multi-phased analytics approach combines out-of-the-box models with dynamic profiling analytics to identify known risk scenarios, discover previously unknown money laundering risks, find hidden relationships between accounts, and help meet regulations
Simple tuning tools driven by machine learning analytics include intelligent segmentation and smart peer grouping capabilities, and simulation functionality for more accurate detection analytics
Employ pre-built, field-tested detection models with dynamic machine learning functionality that’s agile enough to detect fast changing risk scenarios in banking, finance, securities, insurance, gaming and casinos, and non-banking financial institutions
Accessible and explainable technology offers complete system transparency for teams and regulators
High-quality alerts allow teams to focus investigations on the highest priority issues
Automated reporting and regulatory filing eases AML compliance requirements
2) Watch List Filtering (WLF)
Sanctions screening increasingly important in today’s complex global business environment
We know that penalties for sanction violations are increasing in volume and magnitude, threatening significant fines and reputational damage for non-compliance. As a result, a comprehensive sanctions screening program is critical. Your firm must successfully screen transactions and customers against multiple sanctions lists, identify politically exposed persons (PEPs), and avoid transacting with government sanctioned countries, organizations, and individuals or dealing with embargoed goods.
Our watch list filtering and sanctions screening solution reduces regulatory risk using unique 4th generation name matching analytics, intelligent scoring, and alert consolidation to generate high quality hits with low false positives.
Complete support for multiple lists to ensure complete coverage for various regulations and jurisdictions, including official regulatory lists (e.g. OFAC, UN, EU, OSFI, UK and AUSTRAC), third-party PEP and sanctions lists (e.g. Dow Jones, WorldCheck, WorldCompliance, and Accuity), and confidential internal lists.
3) Customer Due Diligence (CDD/ KYC)
Today’s global regulatory compliance standards for Know-Your-Customer (KYC) and Customer Due Diligence (CDD) apply not only to new customers, but also to existing customers on an ongoing basis. Your compliance responsibilities include managing information gathering, profiling appropriately, identifying ultimate beneficial owners, and updating risk scores for ongoing due diligence.
Financial institutions are challenged to meet the demands of today’s evolving regulatory environment, while beneficial ownership and customer due diligence processes are manual, inconsistent, and provide an incomplete view of the customer and the risks they pose.
The complexity of onboarding customers, identifying beneficial ownership, and maintaining updated risk scoring for ongoing due diligence can lead to increased regulatory scrutiny, reputational risk, and financial penalties, all while damaging customer satisfaction.
The Actimize CDD Software Suite expands your risk reach, providing complete and consistent life cycle assessment, including re-assessment of customer risk. As part of Know-Your -Customer (KYC) compliance policy, ongoing customer due diligence (CDD) and enhanced due diligence (EDD) processes, the CDD Suite allows firms to seamlessly identify, manage, and mitigate customer-related risks.
We offer a proven, out-of-the-box solution with an open, flexible platform that can adapt to your unique requirements across business segments, regions, and jurisdictions.