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Ensuring Regulatory Compliance & Enhanced Security with Nice Actimize

Ensuring Regulatory Compliance & Enhanced Security with Nice Actimize
January 30, 2017

The Dynamic Risk-Technology Landscape

Rapid technological advancements brings with them a fair share of woes. On one hand, banking systems have vastly improved due to faster processes, and on the other, incidences of money laundering, compliance violations, and fraudulent practices are rampant. The rise of such notoriety demands that 21st century enterprises review their security and financial crime management systems.

Organizations need to embrace more enterprising and flexible technological applications, which identify and prevent fraudulent activities as well as ensure regulatory compliance. They need to integrate anti-money laundering (AML) programs, hasten the scrutiny of AML analytics, and enhance focus on customer risk management.

The risk-technology marketplace is ever-evolving. It is therefore, essential that vendors are equipped with the right technological tools and comprehensive business strategies in order to tackle operational risks efficiently. Nice Actimize (or simply, Actimize) is one of the pioneers in providing security and risk and compliance solutions to leading financial institutions. Recently, Actimize garnered significant attention with the initiation of the ‘AML-SARB’ project. It is now single-handedly spearheading Standard Bank’s drive against money laundering and fraud. Additionally, Actimize will ensure that the Bank enters into alliances only with compliant and clean business partners.

Nice Actimize Capabilities

What sets Actimize apart from its competitors is an augmented focus on combating financial wrongdoings. It strives to create new technologies to meet the market demand and subsequently helps the clients deal with transgressions in an orchestrated fashion, thereby delivering tangible outcomes.

Recently, Actimize was conferred with the ‘’Best Anti-Money Laundering/Anti-Fraud Solutions’’ award in the technology innovations award category. It safeguards consumers and investors by preventing fraud, cybercrimes, and market abuse. Additionally, Actimize facilitates AML– detection, deploys trading surveillances to detect payment frauds, and offers a host of services to obtain real-time actionable insights from structured and unstructured data.

The entire suite of solutions provided by Actimize centers on risk and compliance requirements. The services are further bolstered by deep domain knowledge, industry-proven solutions, and strategic alliances with clients. These factors combine together and are instrumental in triumphing over the prevailing challenges in the marketplace.

Actimize’s framework enables organizations to comply effectively with the AML regulations through its essential solutions – Watch List Filtering (WLF), CTR Process​sing & Autom​ation​, Suspicious Activity Monitoring (SAM), and Know Your Customer Due Diligence (KYC-CDD). These offerings protect the organization from scores of familiar and unfamiliar threats and eventually ease AML compliance requirements.

The new customers are integrated into the system and their records are thoroughly scrutinized. Based on the screening process, an outcome is generated, which can be any of these – pending, referred, approved or declined. The meticulous assessment, coupled with Actimize’s state-of-the-art system, empowers banks and other financial institutions to effectively combat money laundering, black money, and fraud.

Fighting financial crime: The modern battleground

Nice Actimize, has a team of highly-skilled professionals who address the various stages of the technology life cycle offerings comprising product support, proactive maintenance implementation, and optimization. Alongside, the company furnishes valuable insights into industry best practices, as well as regulatory and organization challenges. Relevant solutions are provided accordingly for these critical issues. The company is continuously working on reinventing its product strategy to align with the ever evolving technological landscape in the cyber security space.

The changing face of financial crimes is a serious threat to organizations today and anti-money laundering compliance solutions provide a holistic framework for their detection and reporting. The need of the hour is to constantly engage financial institutions in improvising their security systems. As a consequence, the siloed approach will be replaced with a more proactive stance to create a well-versed and integrated AML system, which can adapt seamlessly to the rapidly changing Big Data infrastructures.